The Secret Truth About Kevin Warsh’s Fed
The dirtiest little secret inside the gilded menagerie of monetary policy is that Kevin Warsh’s supposedly radical new approach to central bank communications is far more conventional and not as new as it seems.
The first statement issued by the Federal Open Market Committee under Warsh’s chairmanship was far terser than those typically put out by the committee under his predecessors, from Ben Bernanke through Janet Yellen to Jerome Powell. His press conference was an entertaining spectacle of Fed reporters repeatedly trying to extract forward guidance from a chairman who had just announced he was done…
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