Prone to rhetorical flourishes that his predecessor was not, Kevin Warsh has been robustly criticized for leaning on style over substance in his first salvo of speaking events since succeeding Jerome Powell as chair of the Federal Reserve in May.
What Warsh has been clear about, however, is his desire to let bond markets communicate for a more reticent U.S. central bank.
Last week, Warsh made his first major address during an annual economic policy symposium in Jackson Hole, Wyo., from which the anticipated Fed chair speech has become something akin to a State of the Union address for financial markets. The stakes surrounding Warsh’s Jackson Hole speech this year were higher than usual, though.
Warsh has stopped giving forward guidance on u...