US Economics Weekly "The Warsh Fed begins" Pingle

Research evidence excerpt

US Economics Weekly "The Warsh Fed begins" Pingle

Global Research

15 May 2026ab

US Economics Weekly Economics

AmericasThe Warsh Fed begins

Jonathan Pingle

Economist

Economic Comment: Kevin Warsh set to enter the building jonathan.pingle@ubs.com

+1-212-713 2225

Well, not that building. As the Justice Department investigation highlighted, the Eccles

building is under renovation, a giant marble structure on stilts at the moment. So Kevin Alan Detmeister

EconomistWarsh won't yet enter the second floor office just off the boardroom where Chairman

alan.detmeister@ubs.com

Greenspan held court and Ben Bernanke innovated to save the financial system. But +1-212-713 1222

Warsh will inherit inflation above target, energy prices still pushing inflation higher, and

a labor market not all that strong. Inside we discuss the outset of his tenure at the helm Abigail Watt

of the central bank. We note his recent views on AI, which may provide an argument for

abigail.watt@ubs.com

cuts, and also a nuanced argument against rate hikes. We also note the precedent +1-212-882 6929

broken during Chair Powell's tenure which highlights who on the FOMC represents the

core constituency Warsh will need, in our view, to lead monetary policy in the direction Amanda Wilcox

of his choosing. The Economic Comment starts on page 3.

amanda.wilcox@ubs.com

+1-212-713 3899

The Week Ahead: Minutes and more

Jalen Nichols

The April FOMC minutes will likely represent the incremental hawkish step toward a Economist

more neutral policy outlook underway at the meeting. We expect some non-voting jalen.nichols@ubs.com

members also supported removing the easing bias from the meeting statement, +1-212-882 6905

alongside the dissents from three voting regional presidents. The discussion likely