Kevin Warsh hit the ground running in his first meeting as Fed chairman last week.  He oversaw a significant overhaul of the structure of the FOMC’s policy statement, and outlined plans to create a group of task forces to jump-start his Fed “reform” agenda.  This week’s MMO adds a few comments to our preliminary recap from Wednesday night.  Separately, we preview the expected seasonal rebound in Treasury bill offering sizes in July.  Last week’s June 15 quarterly tax revenues were stronger than expected, which led us to scale back our forecasts for bill size increases in the coming weeks – but only marginally so.