Warsh’s impossible mission – tame inflation and please Trump
Fed chair nominee defends Fed independence and insists the US president has not asked him to commit to any rate decision
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[LONDON] Kevin Warsh defines US Federal Reserve’s success as having no one talking about inflation. To achieve that, the Fed chair nominee will likely not get to please the president any time soon.
Before Warsh began his confirmation hearing in Congress on Tuesday (Apr 21), US President Donald Trump, who appointed him, made it clear once again where he stood on interest rates – telling CNBC he would be disappointed if the new Fed chair did not lower borrowing costs immediately on taking office.
Grilled by the Senate Banking Committee for two hours afterwards, Warsh played it straight in defending Fed independence, and insisted Trump had not asked him to commit to any rate decision – nor would he agree to it if the president had.
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