Kevin Warsh and His Fed Priorities

In this paper, we discuss:

• How Kevin Warsh’s appointment marks the beginning of a new era for the Federal Reserve;
• How Warsh plans to overhaul the Fed’s communications, policy framework, and balance-sheet strategy;
• Why persistent inflation and geopolitical risks may limit the scope for lower interest rates despite political pressure;
• How Warsh’s credibility will ultimately depend on preserving price stability while maintaining the Fed’s independence.

Download PDF: Kevin Warsh – July 2026