Warsh was very optimistic in his speech at the Global Central Banking Policy Panel tonight.

Tonight, in a sense, released favorable signals ahead of the non-farm payrolls data.
This catalyst came earlier and stronger than I expected.
My long positions are all in profit now.
Let me briefly summarize the core points Warsh expressed:

1. Inflation risk has already declined—not due to an economic recession, but because supply-side expansion is lowering inflation. The latter is benign and structurally disinflationary. This has softened expectations of rate hikes.
2. Warsh personally hopes the Fed's balance sheet will shrink, but this is not what the market or the government wants—this is a very important question of stance. He wants to reduce the balance sheet but is politically constrained. At the same time, he indicated that the balance sheet has already reached the boundary of fiscal policy, meaning the Fed's balance sheet size has hit a critical point—further expansion would no longer be monetary policy but a form of fiscal financing. He hopes to keep it somewhat under control.

In summary, the overall signal Warsh sent tonight was still quite "dovish," which will cool expectations of a rate hike this year.
But this is just his verbal statement.
The key is still tomorrow's non-farm payrolls data and next week's CPI data.
If the data supports what Warsh said tonight, rate hike expectations will decline, which would be very significant for boosting the currently weak crypto and gold markets.
Conversely, if the non-farm payrolls are strong and next week's CPI inflation does not show the so-called decline, then the market will forget what Warsh said tonight.

[The above personal views are only for reference and do not constitute any investment advice.]