Good intentions and personnel changes at the Federal Reserve can’t rewrite the deeper structural reality of inflation and economic instability. Kevin Warsh’s ascension to Chair will be another case in point: a case study in cautious optimism meeting institutional reality. A former Fed Governor (2006–2011), investment banker, and Bush administration veteran, Warsh brings experience, a monetarist-leaning skepticism of recent Fed overreach, and a welcome emphasis on price stability. Yet the core constraints remain: the Fed exerts significant control over the price of money—not the actual...
















