Like reviews for an ill-conceived sequel, the critical assessments of Kevin Warsh’s second post-FOMC press conference as Federal Reserve chairman have not been kind.
Though the decision by the Federal Open Market Committee on Wednesday to leave interest rates unchanged was expected, Warsh’s presser performance left many Fed watchers puzzled.
He talked tough on inflation, saying the Fed is “focused like a laser” on returning inflation to its 2% target, but he dodged pointed questions about why the FOMC has delayed hiking rates to cool consumer price pressures.
And he showed a surprising degree of deference to the bond market, saying it was a “change for the better” that fixed-income traders are “learning to play the ball, not the referee,” r...