The Good Fight Martin Wolf on Why Trump’s Economic Revolution Never Happened
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Jan 31, 2026 
Martin Wolf, FT Associate Editor and chief economics commentator, provides sharp, authoritative perspective. He discusses Kevin Warsh and what a politicized Fed could mean. He weighs whether Trump’s economic ambitions are revolutionary. He explores why markets remain strong, how tariffs and populism reshape institutions, and the broad economic implications of AI.
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The Puzzle Of Kevin Walsh
- Kevin Walsh is a credible, market-experienced Fed nominee with ambiguous judgment on inflation and politics.
- Martin Wolf warns we must watch whether Walsh is truly an independent inflation hawk or a political loyalist to Trump.
How To Judge A Fed Chair Early
- Judge a Fed chair by whether they act on clear inflation signals rather than political pressure.
- Watch their response to rising inflation and to risky declines in bank capitalization as early tests.
Framework Shift Versus Slow Economic Change
- The economy's day-to-day transactions change slowly while political frameworks can shift quickly.
- Wolf calls the current moment a Wile E. Coyote situation: the framework altered but the economy hasn't yet fully fallen.