Fed Concedes Inflation Is Too High; But Gives No Clue As To Remedy…

Yesterday we had the outcome of the Feds Policy meeting, and the press conference with newly minted Federal Reserve Chairman Kevin Warsh at the helm. It was a typically slick performance from Warsh, setting the stage for the wider overhaul of the institution that he had promised before he took the helm, but it was light in detail, despite a firm conviction to bring inflation back to target – and importantly the 2% target, no ifs no buts. Warsh ruled out re-examining the Fed’s 2% inflation target. A target which the Fed has failed to achieve in the past 5 years! […]