Jackson Hole: Federal Reserve Chair Kevin Warsh Must Raise Rates

For the first time in his three months on the job, Federal Reserve Chair Kevin Warsh said the right things. In his keynote speech Friday at the Federal Reserve Bank of Kansas City’s annual central banking event in Jackson Hole, Warsh acknowledged that inflation was elevated and widespread, and had been been so for “far too long.” He also said he would be “hard pressed” to describe financial conditions in the economy as “restrictive,” meaning he didn’t think the central bank’s current interest-r