# Warsh's Five Task Forces: The Fed's Regime Change Has Already Begun

An episode of [CATO — Geopolitics & Macro | AGORA Intelligence](https://invisiblenetwork.ai/podcast/6806183644), 22 Jul 2026.

Audio: https://audio.agora-intelligence.com/en/warsh-five-task-forces-fed-regime-change.mp3

Warsh holds rates at 3.5–3.75% and launches five task forces to rebuild the Fed's framework, a 1979-style regime change markets price as a pause.

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