The Federal Reserve's July policymaking meeting ended with no interest-rate hikes nor forward guidance but with a boatload of Fed speak and word salad.
Kevin Warsh insisted the Fed will still be able to lower inflation to its 2% target — a measure it has missed for five years — but didn't say how.
He also wants U.S. households, businesses and investors to continue to be patient with the central bank.
Meanwhile, markets stumbled after the Federal Open Market Committee voted 9-3 to hold benchmark short-term interest rates steady on July 29.
The 30-year Treasury yield hit 5.2% and the Dow closed down 1,153.18 points (or -2.19%) signaling Wall Street's concern that the new Fed chair's approach won't be able to beat back inflation much longer thus leading to even higher rate hikes.
#kevin #warsh
Kevin Warsh insisted the Fed will still be able to lower inflation to its 2% target — a measure it has missed for five years — but didn't say how.
He also wants U.S. households, businesses and investors to continue to be patient with the central bank.
Meanwhile, markets stumbled after the Federal Open Market Committee voted 9-3 to hold benchmark short-term interest rates steady on July 29.
The 30-year Treasury yield hit 5.2% and the Dow closed down 1,153.18 points (or -2.19%) signaling Wall Street's concern that the new Fed chair's approach won't be able to beat back inflation much longer thus leading to even higher rate hikes.
#kevin #warsh
3 days ago
