As Powell Steps Down, the Fed Confronts ‘Regime Change’
The New York Times • • business
Key Points:
- Kevin M. Warsh campaigned to become the next chair of the Federal Reserve, arguing that the central bank had lost its way.
- He criticized the Fed's post-Covid-19 policies, claiming they caused the worst inflation shock in four decades.
- Warsh contended that the Fed's extensive market interventions distorted global asset pricing.
- He warned that the Fed risked its political independence by involving itself in matters beyond its congressional mandate.
- Warsh called for a "regime change" at the Fed, which had faced criticism from President Trump for not cutting interest rates.