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It is an opportunity for Warsh to demonstrate his and the Fed's independence from political interference." Providing a cleaner read on how he would lead the Fed wouldn't take much, economists said — just a clearer statement of how the Fed might react if inflation stays high. "None of this is radical stuff," said Wilcox, who is also director of research at Bloomberg Economics. "The problem is he hasn't said any of it. And when asked whether he would support higher rates to combat stubborn inflation, he said they "could well be part of that solution," but then added, "I wouldn't say it's in isolation." Some Fed watchers took that to mean he would consider other measures, such as reducing the Fed's vast holdings of Treasury bonds.
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