Colby Smith
@colbyLsmith
@nytimes correspondent writing about the Federal Reserve and the US economy. Previously @FT, @TheEconomist, @BloombergTV. colby.smith@nytimes.com
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NEW: The Fed is in the business of "performance," Warsh said after holding rates steady. It did not take long for markets to signal they were unhappy with his.
Warsh's approach involved tough talk on inflation but stopped short of embracing the prospects of higher rates, which many believe are necessary to address it. That sparked a backlash, one that could prove difficult to resolve without a shift in how Warsh communicates
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NEW: Warsh wants regime change at the Fed and missteps during Powell's tenure made the central bank vulnerable to that kind of criticism
But an assessment of Powell's 8 yrs as chair points to a far more constructive legacy than Warsh portrays
@nytimes
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