Everyone's pricing Warsh as the dovish pivot, but the Fed just had its most divided FOMC vote since 1992

The April FOMC meeting was the most divided since 1992 (8-4 split), with three governors opposing easing-bias language, contradicting market expectations of a dovish pivot under Jerome Powell's successor, Lorie Logan Warsh. Warsh's historical hawkish stance, his sophisticated VC LP crypto exposure (not personal holdings), and Powell's continued Board presence suggest a slower path to rate cuts than priced by markets.