Kevin Warsh is expected to begin his tenure as Chair of the Federal Reserve on May 15, when Jerome Powell’s term expires. In recent months, he has expressed an unusually forceful view of what the Federal Reserve should be, one that could signal a meaningful shift in how the Fed thinks about inflation, interest rates, and its own role in the broader macro regime. Practice can diverge from theory, of course. But a line he has repeated in interviews - including the Hoover Institution conversation “Inflation Is a Choice: Kevin Warsh on Fixing the Federal Reserve” - is a striking statement of intent: “inflation is a ... (full story)