Kevin Warsh

speaker

277 appearances 3 recordings 1 series first heard Jul 2026 last heard 5d ago

Kevin Warsh’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 3 in all, peaking in Sep 2026 with 1.

Appearances

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Bannon`s War Room · Episode 5623: Kevin Warsh Addresses Jackson Hole Economic Forum · 28 Aug 2026 podcast

Will the next generation of AI models demand even greater capital intensity too? matched

or will the models themselves help devise a capital light solution? matched

Among the other yet unknowns is the resulting market structure. matched

Who gets to make the money? matched

It's not obvious where the returns on capital will land or on what time scale. matched

Early on, how much of the surplus goes to owners of scarce assets, the AI labs or chip makers or energy producers or cloud providers? matched

Over time, how much of that value accrues to businesses and consumers? matched

And importantly, what are the implications for workers and for the employment side of the Fed's mandate? matched

Likewise, we don't yet know the equilibrium price of the tokens that give access to these models. matched

Might there be a heterogeneity of tokens such that growing sums will be paid for the access to the best models, those at the frontier? matched

Will token prices for older models fall to the level of their marginal cost? matched

Well, we'll be thinking through these matters with the help of a task force on productivity and jobs. matched

My early check-ins with the leaders of that task force and the rest have been very encouraging. matched

To be clear, though, their recommendations will come later and have no bearing on decisions we make in the current policy conjuncture. matched

But I believe that for future policy challenges, this intellectual investment today will leave us much better prepared for tomorrow. matched

Next, let me say a word about forward guidance and its substitutes. matched

As our task forces go about their work, as you might know, I'm not waiting to introduce innovations at the Fed to help make us fit for purpose. matched

To highlight one example, I've set out to change the form and function of the Fed Chairman's so-called forward guidance. matched

You might know about my long-time discomfort with early pronouncements of future policy decisions. matched

I much prefer another path, and now will make the case for it. matched

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