Kevin Warsh faces difficult start as Fed chair as economic conditions shift
By
The Economist
Lightly browned and well buttered. A solid pick from the rack.
Summary
The article discusses the ironic predicament of Kevin Warsh, who is set to become Federal Reserve chair at a time when the American economy is hot and requires higher interest rates. Despite Warsh's historically hawkish reputation favoring higher rates, the changing economic circumstances have made his case for lower interest rates untenable, suggesting his tenure will be challenging rather than the professional triumph he might have expected.
Key quotes
· 3 pulledFOR MOST of Kevin Warsh's career, becoming chair of the Federal Reserve with the American economy hot and in need of higher interest rates would have been the stuff of professional nirvana.
Few central bankers had staked out so hawkish a reputation.
So it is ironic that this scenario has come to pass, yet it seems likely to make Mr Warsh's life miserable as he starts at the Fed.
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