Trump's Fed Pick Won't Be A Yes-Man On Rates: Warsh's Remarks Draw A Red Line On Independence

President Donald Trump picked Kevin Warsh to deliver the rate cuts the White House has been demanding for more than a year.
But the incoming Federal Reserve chairman is arriving in Washington with a different product.
Warsh’s opening statement for Tuesday’s confirmation hearing before the Senate Banking Committee refuses to commit to any. In its place, he offers two pitches the White House did not order: a Fed that owns inflation, and a Fed that answers to no one on monetary policy.
“Inflation is a choice, and the Fed must take responsibility for it,” Warsh said in the prepared remarks.
“Let me be clear: monetary policy independence is essential,” he added.
The Inflation Problem Warsh Is Walking Into
March Consumer Price Index (CPU) rose 0.9% month over month, the fastest print since June