The Daily Signal Jerome Powell’s Fed Fueled Inflation and Left Main Street Paying the Price | E.J. Antoni, Ph.D
Feb 11, 2026
E.J. Antoni, Ph.D., Heritage Foundation chief economist and Fed analyst. He delivers a sharp critique of Jerome Powell's monetary policy. He discusses Kevin Warsh as a potential inflation hawk replacement. He examines quantitative easing, dollar devaluation, Fed mission creep, and how policy choices have affected Main Street and markets.
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Powell's 2020 Framework Backfired
- E.J. Antoni argues Jerome Powell's Fed created a novel framework in 2020 that has been hard to manage.
- He says this framework caused high inflation, high consumer interest rates, and a regional banking crisis.
Warsh's Early Warning From The Crisis
- Kevin Warsh warned post‑crisis that liquidity and low rates were breeding grounds for inflation and malinvestment.
- Warsh recommended letting rates return to natural levels and stopping the Fed's money creation, but he was ignored.
Fed Mission Creep Undermined Focus
- Antoni says Powell politicized the Fed and engaged in mission creep toward social and green agendas.
- He argues this distracted the Fed from price stability and the soundness of the financial system.