This week Kevin Warsh leads his first meeting as chairman of the Federal Reserve, and he should start by making the central bank do the job it has been failing at for years.That job is to set interest rates at a level that will maximise employment and stabilise prices. Over time, the Fed has come to worry only about jobs and make excuses for inflation – in short, showing a bias for easy money that has lately hit historic extremes.Financial TimesSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles