Morning Brew Daily Fed Nom Kevin Warsh Faces Congressional Heat & Trump Wants to Save Spirit Air
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Apr 22, 2026 A tense Senate grilling over a top Federal Reserve nominee and debates about his plans for Fed communication and reform. Political pressure about whether he will act independently of the White House. A push to rescue a struggling airline amid rising jet fuel costs and industry objections. A bold UK move to phase out cigarette sales for younger generations. A San Francisco store run entirely by an AI draws messy, amusing results.
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Warsh Pledges Independence While Rejecting Forward Guidance
- Kevin Warsh emphasized he would act as an independent Fed chair despite being nominated by President Trump.
- He repeatedly refused forward guidance on rate cuts, saying he won't preview future decisions and wants to avoid anchoring markets to past statements.
Warsh Wants Less Fed Communication To Avoid Forecast Prison
- Warsh wants to drastically reduce Fed public communication, arguing press conferences and dot plots make the Fed a prisoner to prior forecasts.
- He believes less communication prevents markets from over-relying on Fed signals and allows flexibility if conditions change.
Warsh Frames The Fed As A Dinosaur Needing Reform
- Warsh frames the Fed as a 'dinosaur' needing reform, blaming past Fed policy for recent inflation.
- He proposes revising inflation methodology and paring back technocratic rule-following to modernize the institution.
