US-Notenbank: Der Herbst wird für Kevin Warsh zum geldpolitischen Härtetest
Der Fed-Chef hat die Beweislast umgekehrt. Entwickelt sich die Inflation nicht schnell in eine günstige Richtung, müssen die Zinsen hoch. Vor den US-Zwischenwahlen gilt das als heikel.
The autumn is set to be a monetary policy tough test for Kevin Warsh, the head of the US Federal Reserve. Following the unfortunate press conference after the July interest rate meeting, Warsh needed to redeem himself on Friday. At the July meeting, he had confused markets with vague statements, promising to pursue price stability without clarity on how to achieve it.
The outcome came in the form of a large sale of long-running US Treasury bonds. This Friday, the pendulum swung in the opposite direction as Warsh's surprisingly "hawkish" speech indicated tighter monetary policy, causing short-term yields to rise in anticipation of an imminent interest rate hike. Some may view this as a cautious affirmation of the financial markets' confidence in Warsh's resolve in fighting inflation.
However, Warsh, who would prefer the Fed to keep communications minimal, had to provide clarity first. He had to clarify the Fed's preferred inflation measure, the Personal Consumption Expenditures (PCE) price index, which remains the Fed's favored inflation gauge, and reiterated its target of 2%.
Written by urgent.news from Handelsblatt's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
