RESOLVING THE LEDGER
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Since becoming the new chair of the Federal Reserve's Board of Governors and Federal Open Market Committee (FOMC), Kevin Warsh has given a lot of tough talk.
Warsh has said that prices are too high and that the Fed will achieve price stability and bring inflation back down to 2%. The market seemed to take him at his word and began penciling in multiple rate hikes for this year and next.
However, at the FOMC's recent July meeting, the committee held rates steady, and Warsh made some very interesting comments at the post-FOMC press conference. Warsh has done a good job of playing the hawk, but he may be holding a dove up his sleeve.
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