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Kevin Warsh may want a quieter Fed, but markets will fill the silence, just less reliably and at a high cost.
Warsh says he wants one, inflation demands it, and the dot plot is how we'd see it.
Fed Chair Kevin Warsh recently argued for alternative ways of looking at inflation, such as trimmed means or medians, which, in his words, capture the “underlying inflation rate” and “not … the one-time change in prices because of a change in geopolitics or a change in beef.” Before evaluating his claims, it is useful to explore the distribution of inflation and see what appears to be driving inflation.
