Howard Marks, co-chairman of Oaktree Capital Management, has expressed support for the shift in Federal Reserve policy under new Chair Kevin Warsh. Marks has long criticized the central bank for excessive interventionism, arguing that such policies create moral hazard by encouraging market participants to take on excessive risks.
Kevin Warsh was confirmed by the Senate on May 13, 2026, with a 54-45 vote and assumed office on May 22. Since then, he has established five task forces to modernize operations and reduce reliance on forward guidance. Warsh emphasized his data-driven approach during the Jackson Hole symposium on August 28, 2026.
In September 2026, the Federal Reserve implemented a 25 basis point rate hike, bringing the target range to 3.75-4%. The decision was passed with a unanimous 12-0 vote, marking the first rate increase since 2023. This move signals a departure from previous policies that prioritized market predictability over economic data.
