Can Kevin Warsh’s Fed force 5 reimagine monetary policymaking?
FEDERAL RESERVE chairs like to leave a mark. Ben Bernanke, in charge during the global financial crisis of 2007-09, ushered in a formal inflation target and changed how the Fed talked to the world by making its deliberations less opaque. In 2015 his successor, Janet Yellen, raised interest rates after seven years near zero. Jerome Powell, who came next, launched the Fed’s first comprehensive review of its monetary-policy framework.
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