Warsh at Jackson Hole gave a more hawkish reading of the economy than he had in July. He said elevated prices needed to be the Fed’s main focus and described financial conditions as not being broadly restrictive, a change from his July press conference, when he said they were uneven. He did that while swiping back at his critics and insisting his policy of deliberate ambiguity about Fed policy is here to stay. “We can be held accountable for delivering on our remit — the only true test of our credibility,” Warsh said, dismissing widely echoed critiques that he had come across as not credible at his July press conference. The Fed won’t meet to set rates until mid-September, and Warsh didn’t explicitly say how the Fed would handle interest rates. But he dived into several of the critiques recently leveled at him.
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