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Warsh raises stakes for Fed's next meeting and other takeaways from Jackson Hole conference
Developing
Warsh noted that he and other Fed officials who supported keeping rates unchanged at their July 28-29 meeting “thought the wiser course was to await new information in the intermeeting period... before deciding whether a change in interest rate policy was advisable.
Trump tried to fire Fed governor Lisa Cook last year on the first day of the conference, in an effort to gain a majority on the Fed's board. That suggests that Warsh wanted to see clear evidence of cooling inflation after the July meeting to remain on hold.
Cook attended this year's conference, just days after her lawyers argued the administration has no legal basis for removing her. “We've come to a hinge point in history,” Warsh said.
What's confirmed
What's still developing
- Warsh noted that he and other Fed officials who supported keeping rates unchanged at their July 28-29 meeting “thought the wiser course was to await new information in the intermeeting period ... before deciding…
- That suggests that Warsh wanted to see clear evidence of cooling inflation after the July meeting to remain on hold.
- “We've come to a hinge point in history,” Warsh said.
- Trump tried to fire Fed governor Lisa Cook last year on the first day of the conference, in an effort to gain a majority on the Fed's board.
- Cook attended this year's conference, just days after her lawyers argued the administration has no legal basis for removing her.
Sources
- politicslink