Kevin Warsh Walks Into His First FOMC Meeting With a Producer Price Index That Is Already Rolling Over Under His Feet, a Retail-Sales Miss That Tightens the K-Shape Story, a Homebuilder Bellwether That Just Cut Its Margin Guide, a European Central Bank Tightening Into a Federal Reserve the Prediction-Market Crowd Now Thinks Is Two Cuts From Easing — And a Single Dot-Plot Sitting Between Him and the Choice Between the 1937 Mistake and the 1979 Mistake
