Kevin Warsh pledges Fed policy ‘regime change’ to rid inflation ‘tax’ on American people

Summary

Federal Reserve Chairman Kevin Warsh testifies before the House Financial Services Committee, pledging a 'sea change' in Fed thinking and a regime change to eliminate the inflation he describes as a tax on American people and businesses. He outlines pending reforms across monetary policy, supervision, regulation, and payments, signaling a determined fight against above-target inflation.

• Kevin Warsh states the Fed has caused a sea change in its thinking over six weeks.
• He plans a regime change across at least five dimensions of monetary policy.
• Reforms will also extend to supervision, regulation, and payments.
• Inflation has been above target for 63 months and is labeled an unfair tax.
• Warsh pledges to get rid of that inflation tax.
• No specific financial assets or investment ideas are discussed.