Fed Chair Kevin Warsh Just Shifted the Central Bank's Entire Focus on Inflation in One Sentence
Jerome Powell’s successor has flipped the script on inflation.
Overview
This has been a history-packed year for Wall Street, with the Dow Jones Industrial Average (DJINDICES:^DJI), S&P 500 (SNPINDEX:^GSPC), and Nasdaq Composite (NASDAQINDEX:^IXIC) romping to new highs, and the largest-ever initial public offering taking shape. But the swearing in of Fed Chair Kevin Warsh on May 22 arguably takes the cake.
Jerome Powell's successor vowed to lead a reform-oriented central bank and hasn't veered from that promise over the last three months. Since taking the reins, Warsh has shelved forward-looking guidance from Federal Open Market Committee (FOMC) meeting statements and commissioned five task forces to aid the Fed in its conduct of monetary policy.
Fed Chair Warsh just served up an inflation ultimatum for Wall Street. Image source: Official Federal Reserve Photo.
Details
Source
Originally published at www.fool.com.
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