Trumponomics Kevin Warsh Eyes Fed ‘Regime Change’ With Less Talk, New Models
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Apr 29, 2026 
Krishna Guha, Evercore ISI vice chairman and former New York Fed senior advisor, provides expert central bank analysis. He discusses Kevin Warsh’s push for a Fed regime change, including new models and less verbal guidance. They explore risks of reduced communication, choices of inflation metrics, and how politics and tech-driven narratives might reshape monetary strategy.
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Warsh Frames Himself As Regime Change Candidate
- Kevin Warsh promises a Fed 'regime change' focused on new models and a break from recent chairs.
- He positions himself away from Bernanke/Yellen/Powell continuity and toward a Greenspan-style approach emphasizing supply-side modeling.
Warsh Wants New Models And Different Inflation Metrics
- Warsh wants to shift Fed framework toward supply-side models and alternative inflation measures like trimmed mean.
- He criticises pandemic-era framework and seeks more modeling of supply dynamics rather than reliance on core PCE alone.
Warsh Plans To Talk Less And Risk More Volatility
- Warsh intends to cut back on forward guidance and overall Fed communication to inject less signaling.
- Krishna warns that reducing communication risks greater market uncertainty and volatility after years of heavy Fed guidance.