The key points
Kevin Warsh delivered an orthodox Federal Reserve chair speech at his first Jackson Hole conference, which included his personal views on the economy.
Warsh acknowledged the “Fed’s predominant focus right now should be on prices” and a promise to act if inflation was not trending towards its 2 per cent target on the PCE inflation measure.
His speech warned that recent inflation data does “not tell me that underlying trends have meaningfully improved” and unless that changed, “we have work to do”.
The verdict
