Kevin Warsh used his first speech as Federal Reserve chair to stress the central bank’s focus on price stability and maximum employment, while subtly highlighting one key idea: independence. The remark stood out because many investors expected Warsh to align closely with White House calls for interest-rate cuts. Instead, he signaled the Fed may resist political pressure as inflation starts rising again. The message matters for markets hoping for cheaper borrowing soon. With oil prices still unstable, analysts now expect the Fed to stay cautious before considering any rate reductions.
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