Kevin Warsh, the nominee for chairman of the Federal Reserve, called for a “systemic change” within the U.S. central bank, including a new framework for controlling inflation and a rethinking of how the Fed communicates with the public about monetary policy.
During his confirmation hearing before the Senate Banking Committee, Warsh blamed the central bank for the surge in inflation that followed the COVID-19 pandemic and continues to affect American households. He stated that “fatal policy mistakes over the past four or five years” are still having repercussions, indicating that the Fed needs a “systemic change in the way monetary policy is conducted,” including “a new and different framework for inflation.” He added that the Fed’s communication with markets and the public has “exacerbated the problem,” suggesting the possibility of revising the mechanism for quarterly economic projections and the path of interest rates.
The hearing was tense, with Warsh avoiding a direct answer to a question about whether President Donald Trump had lost the 2020 election—a question Democratic Senator Elizabeth Warren considered a test of his independence. He also said he would proceed with his plan to sell assets worth more than $100 million, without providing specific details about their nature or the buyers, indicating that the proceeds would be invested in “traditional, simple” assets. When asked about Trump’s pressure to lower interest rates, Warsh said that “presidents tend to favor lower interest rates,” adding that Trump “expresses this very publicly.”$BTC $ETH
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