Warsh Plans to Overhaul the Fed & Carvana ‘Playground’ Disrupts Dealership Model

June 18, 2026

AI Summary

5 min read

Warsh Tightens the Fed's Lips, Carvana Builds a Car "Playground," and Qantas Bets on 21-Hour Flights

Kevin Warsh, who took over as Fed chair from Jerome Powell last month, used his first meeting to signal that the biggest changes coming to the central bank may be about style, not substance. Interest rates stayed on hold as expected, but the real news was how Warsh plans to change the way the Fed communicates — and the surprise that nine policymakers now project at least one rate hike by the end of 2026, up from zero in March, driven by war-related inflation reacceleration and a resilient job market. The other nine predicted rates would hold steady or decline, making the split unusually even. Warsh called the debate "a good family fight."

A New, Tight-Lipped Fed

Warsh's overhaul is less about monetary policy direction and more about institutional culture. He launched task forces to modernize data collection, curbed communications, and scaled back forward guidance. The policy statement released after the meeting ran just over 100 words, down from the typical 300-plus under Powell. Warsh also said he's not sure how many press conferences he'll hold — a staple of the Powell era — and signaled he will stop telegraphing rate moves well in advance, which Wall Street has relied on.

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What you'll learn

1 (00:00) **Housekeeping & Show Open** - Hosts Neil and Kyle introduce the episode, cover Juneteenth schedule, and ask for reviews.
2 (02:14) **Kevin Warsh Overhauls the Fed** - New Fed Chair previews major changes after his first meeting, including a hold on interest rates and a split vote on future rate hikes.
3 (07:17) **Carvana’s ‘Playground’ Disrupts Dealerships** - Carvana opens a new-car dealership where you can’t actually buy cars, forcing customers to order online instead.
4 (13:05) **New 21-Hour Flight: Australia to London** - Qantas announces "Project Sunrise" nonstop flights from Sydney to London starting October 2027, using specialized A350s.
5 (17:35) **Neil’s Numbers: World Cup Players Born Abroad** - 7.9% of all World Cup players were born in France, with 76 of those 98 playing for other countries due to colonial ties.
6 (21:17) **Neil’s Numbers: Adults Are the New iPad Babies** - A new JAMA Pediatrics study finds 70% of kids are on devices during dinner, but parents are actually on their phones more than the kids.
7 (22:52) **Neil’s Numbers: Toy Story’s $16B Juggernaut** - The Toy Story franchise has generated $16 billion in total revenue for Disney over 30 years, with Toy Story 5 projected for a $175M opening weekend.

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Guests on this episode

Kevin Warsh

Show Notes

#870: The Fed holds rate steady in Kevin Warsh’s first meeting, but the central bank teases a rate hike is more likely than a cut. Carvana introduces a new ‘playground’ concept where shoppers can test-drive cars while purchases are still online. Qantas unveiled a new fly-direct route from Sydney to London, which would become the longest commercial passenger route in the world. Then, it’s Neal’s Numbers on World Cup teams, parents and kids looking at screens during meal times, and Toy Story 5. Finally, the US-Iran sign a Memorandum of Understanding to open the Strait of Hormuz

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