Warsh Must Beware of Curves Flattening to Deceive

The bond market is taking him seriously, but that’s not necessarily great news.

Warsh in Portugal: Neither an innocent nor a boor abroad.
Warsh in Portugal: Neither an innocent nor a boor abroad. Photographer: Dirk Claus/ECB
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Kevin Warsh certainly isn’t taking anything for granted, but he was justified in telling the central banking conference in Sintra, Portugal, that his chairmanship of the Federal Reserve is going according to plan so far. “Expectations of inflation over the first four weeks of this period have come down,” he said, and “inflation risks have come down.”

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