Federal Reserve (FED) · Kevin Warsh · US Senate · Jerome Powell · Fortune Technology
Nonetheless, the contents of Warsh’s testimony still raised eyebrows in some quarters—namely, his views on forward guidance
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Claudia Sahm is one of the Federal Reserve’s most notable alumni: She is the founder of a recession indicator named after her, which has accurately predicted most economic contractions in recent memory.
Key facts
- The Oval Office has threatened to fire current Chairman Jerome Powell; a legal case has been brought against him, and another has been brought against Board Governor Lisa Cook
- Over the past 20 years, the Federal Reserve has moved to much more transparent communication … it does have a tool aspect, but also the communication, the press conferences, were also
- Claudia Sahm is one of the Federal Reserve’s most notable alumni: She is the founder of a recession indicator named after her, which has accurately predicted most economic contractions in recent
- I felt like I was more confused about him after the [Senate Banking] hearing than before the hearing,” Sahm tells Fortune in an exclusive interview
Summary
Sahm has concerns about the ultimate direction of the Fed: Warsh’s testimony in front of the Senate Banking Committee left her with more questions than answers, she tells Fortune, and his responses (albeit often without time for explanation) raised the hackles of an economist who worked for the Fed for more than a decade. “I felt like I was more confused about him after the hearing than before the hearing,” Sahm tells Fortune in an exclusive interview. Concerns relating to Warsh come with a caveat: They are situated in the context of politics at this moment. The Oval Office has threatened to fire current Chairman Jerome Powell; a legal case has been brought against him, and another has been brought against Board Governor Lisa Cook.