CNBC Daily Open: Warsh holds cards close on Fed policy, but inflation numbers may tip his hand
Kevin Warsh offered markets few clues in his final public appearance before the central bank's October meeting.
Federal Reserve Chair Kevin Warsh emphasized on Friday the importance of the US central bank maintaining its institutional credibility to make sound monetary policy decisions. During an event at the International Monetary Fund and World Bank annual meetings, Warsh highlighted that the Fed's ability to print money is unique, but its credibility is of paramount importance.
According to Warsh, the foundation of the Fed's power rests on its institutional credibility, which was established by previous chairmen. He stressed that the Fed's success in getting policy right depends on its ability to enhance this credibility. Any slip-up or stumble in the Fed's supervision or payment systems would reflect on its institutional credibility, he added.
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