New Fed Chair Pledges ‘Regime Change’ to Fight Inflation—Here’s What That Could Mean in Practice

‘The fatal policy error going back four or five years is still a legacy that we’re dealing with,’ Fed Chair Kevin Warsh stated.

(Left) Former Federal Reserve Chair Jerome Powell; (Right) newly confirmed Federal Reserve Chair Kevin Warsh. Courtesy of the Federal Reserve; Hoover Institution

(Left) Former Federal Reserve Chair Jerome Powell; (Right) newly confirmed Federal Reserve Chair Kevin Warsh. Courtesy of the Federal Reserve; Hoover Institution

Newly confirmed Federal Reserve Chair Kevin Warsh, pledging new tactics to fight inflation, faces an uphill battle to keep rising prices in check. 

At his April 21 Senate confirmation hearing, Warsh called for “a regime change in the conduct of policy” at the Fed from the status quo under former Chair Jerome Powell, during whose tenure annual inflation has not been below its target since 2021 and exceeded 8 percent during the Biden administration.