Kevin Warsh
speaker
277 appearances
3 recordings
1 series
first heard Jul 2026
last heard 6d ago
Kevin Warsh’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 3 in all, peaking in Sep 2026 with 1.
Appearances
Bannon`s War Room · Episode 5623: Kevin Warsh Addresses Jackson Hole Economic Forum · 28 Aug 2026
podcast
Transparency in communications about future policy decisions is not an end unto itself.
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Communications must be in service to the Fed's paramount responsibility.
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And what is that that's getting policy right?
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Forward guidance as a regular practice was adopted by my colleagues and me during the global financial crisis.
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It was essential at the time, and we introduced it with much fanfare.
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But as with other legacies of crises past, I believe the practice has outstayed its welcome.
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In normal times, the role of forward guidance should be limited and circumscribed.
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Otherwise, it risks creating ambiguity in the name of clarity.
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Oversharing policy deliberations and over committing to future decisions can lead markets, businesses, and households astray.
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And I believe when policymakers make quasi-commitments on interest rates throughout the cycle,
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we inhibit our own freedom to make the right calls when it's time to decide.
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To get policy right, we also need to get the relationship right between the central bank and financial markets.
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The markets, excuse me, the Fed needs clear market signals as unfiltered as possible.
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From market internals, from the level and change in asset prices across sectors,
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the prices and trading volumes of Treasury securities, the foreign exchange value of the dollar, the cost and availability of credit, a broad set of commodity prices.
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These and other indicators should inform the Fed's near-term outlook on economic activity and inflation throughout the business cycle.
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They should also reveal the state of broader financial conditions
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and the risks and uncertainties of the financial cycle.
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At the same time, market participants themselves should be tracking real information about the real economy.
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They should draw their own conclusions, form their own expectations on things like output and employment and inflation, and they too should stay sharply attuned to risks.
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