Federal Reserve Chairman Keeps Inflation Expectations High, Vows to Hit Target at 2%
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Warsh Says Inflation Isn’t Slowing, Vows to Hit to 2% Target Federal Reserve Chairman Kevin Warsh warned inflation isn’t meaningfully slowing and said policymakers must be confident that it is, otherwise the central bank has “work to do.”
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CNBCFederal Reserve Chairman Kevin Warsh expressed concern Friday about elevated inflation while stopping short of indicating of whether he thinks interest rates should be higher.
New York Post BusinessFederal Reserve Chair Kevin Warsh said Friday there may be “work to do” on inflation, though he again danced around his outlook on interest rates during a closely-watched speech at the central bank’s annual Jackson Hole, Wyo., retreat.
Financial TimesWarsh says Fed will have ‘work to do’ if inflation does not fall soon Central bank chair signals rising concerns over persistently elevated price increases
MarketWatchNew Federal Reserve Chairman Kevin Warsh has yet to earn the trust of his central-bank colleagues or financial-market participants who remain wary of his approach to curbing inflation and his ties to the White House.
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Warsh said the “good news” is that inflation estimates in the medium-term “look stable” – but he added that this summer’s inflation readings “do not tell me that underlying trends have meaningfully improved.”
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CNBCWarsh did acknowledge that inflation is running hot, saying, "while this summer's PCE and CPI readings were better than expected, they do not tell me that underlying trends have meaningfully improved."
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Warsh, however, has notably taken a different stance as the new leader of the central bank, repeatedly arguing against the need for “forward guidance” – which has investors hunting for any hints in his speech as to whether policymakers are prepared to hike interest rates.
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CNBCWhile market participants have adjusted to the lack of forward guidance, they have looked to Warsh at least to provide a reaction function on what would trigger a policy response. Even on that note, he was reluctant to commit.
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Warsh's speech differed from his predecessors, who often utilized Jackson Hole either as a cue on the direction of rates, broad changes to the Fed's framework, or to delineate new ways of approaching monetary policy. At last year's event, then-Chair Jerome Powell hinted at rate cuts ahead, setting off an aggressive rally on Wall Street.
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MarketWatchA former top Federal Reserve policy adviser says Warsh can use his speech at the Jackson Hole Economic Policy Symposium on Friday morning to change their minds. Other analysts are skeptical he can pull it off, and many don’t think he’ll even try.
3 details only one outlet reported
Independent claims that didn't surface elsewhere in our corpus. Treat as supplementary — not corroborated across outlets.
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01 New York Post Business “Here is my standard: We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed,” Warsh said. “Otherwise, we have work to do. That’s our job … our mandate … and our charge to keep.”
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02 CNBC He added, "We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do. That's our job . . . our mandate . . . and our charge to keep."
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03 MarketWatch The Fed Jackson Hole is Warsh’s chance to win over his Fed colleagues — and investors
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Sources (5)
- ft
- cnbc
- nypost-biz
- marketwatch
- bloomberg