Before Kevin Warsh, the new Fed chairman, got the job, he intimated that the central bank could cut interest rates, but last week he assumed the role of an inflation hawk.

Before Kevin Warsh, the new Fed chairman, got the job, he intimated that the central bank could cut interest rates, but last week he assumed the role of an inflation hawk.

New Fed Chair Kevin Warsh held rates at 3.6% in his first FOMC meeting while signaling a hawkish pivot as inflation hits 4.2%, the highest in three years.