Fed Chairman Kevin Warsh didn't sound as hawkish as I'd expected, says Roger Ferguson

Former Fed Vice Chair Roger Ferguson analyzes the Fed's rate hold and Chairman Warsh's less-hawkish-than-expected commentary, warning that persistent inflation, rising oil prices, and fiscal stimulus will force eventual rate hikes and risk undermining Fed credibility. - Fed held rates unchanged with three hawkish dissents. - Chairman Warsh struck a less hawkish tone than anticipated, creating market confusion. - Ferguson expects the Fed will eventually need to raise rates as data forces action. - Oil prices spiking, fiscal stimulus, and economic resilience are keeping inflation sticky. - Without concrete action, the Fed's credibility may be eroded over time. - Cooling CPI data gave the Fed breathing room at this meeting, but the inflation fight is not over.