The Minutes of Kevin Warsh https://minutesof.com/kevin-warsh/ Kevin Warsh: 26 verbatim quotes from 47 appearances on inflation, rate path and fed independence. Latest August 2026. Every quote timestamped and linked… en Sun, 30 Aug 2026 16:23:00 +0000 Warsh says inflation is above 2% target and Fed's predominant focus should be on prices. https://minutesof.com/q/b80d41df-a379-465a-bb31-0e535cd77114/ https://minutesof.com/q/b80d41df-a379-465a-bb31-0e535cd77114/ “Inflation is running above our 2% target. So the Fed's predominant focus right now should be on prices.” — Financial Times Fri, 28 Aug 2026 17:44:56 +0000 Warsh sets standard that underlying inflation must move clearly and at sufficient speed to objective. https://minutesof.com/q/265aa8ae-0d94-417e-b267-8b320e428ecc/ https://minutesof.com/q/265aa8ae-0d94-417e-b267-8b320e428ecc/ “So here is my standard. We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed.” — Financial Times Fri, 28 Aug 2026 17:44:56 +0000 Warsh sets standard requiring confidence that underlying inflation is moving to objective at sufficient speed. https://minutesof.com/q/01437dff-5d96-4bee-b799-12ae51314328/ https://minutesof.com/q/01437dff-5d96-4bee-b799-12ae51314328/ “We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed. Otherwise, we have work to do.” — Financial Times Fri, 28 Aug 2026 17:44:56 +0000 Warsh accepts full Federal Reserve responsibility for 65 months of sustained elevated inflation. https://minutesof.com/q/44c31a1d-c0f1-4ac6-99b4-90d8f491adc2/ https://minutesof.com/q/44c31a1d-c0f1-4ac6-99b4-90d8f491adc2/ “Responsibility for sixty five months of sustained elevated inflation sits squarely with the central bank, and that's where it belongs.” — Varney & Co. Fri, 28 Aug 2026 17:04:37 +0000 Warsh sets standard requiring clear evidence of inflation moving to target at sufficient speed. https://minutesof.com/q/af23a710-4778-43bf-8885-d1c8a0166674/ https://minutesof.com/q/af23a710-4778-43bf-8885-d1c8a0166674/ “We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed. Otherwise, we have work to do.” — Varney & Co. Fri, 28 Aug 2026 17:04:37 +0000 Warsh notes profit margins are quite elevated relative to history with low equity volatility. https://minutesof.com/q/78670623-210e-4f63-ab47-d6f4df89262c/ https://minutesof.com/q/78670623-210e-4f63-ab47-d6f4df89262c/ “he says profit margins are quite elevated related to history and overall equity market, the volatility is low.” — Varney & Co. Fri, 28 Aug 2026 17:04:37 +0000 Warsh observes profit margins are elevated relative to history and equity volatility is low. https://minutesof.com/q/a629eb5a-2e90-4290-9c3b-9868dc49a1fb/ https://minutesof.com/q/a629eb5a-2e90-4290-9c3b-9868dc49a1fb/ “profit margins are quite elevated related to history and overall equity market, the volatility is low.” — Varney & Co. Fri, 28 Aug 2026 17:04:37 +0000 Warsh defines economic strength as how well an economy withstands stress and shocks. https://minutesof.com/q/4e8e6e6b-a1f9-43f0-b0ca-fb1d8e6451cc/ https://minutesof.com/q/4e8e6e6b-a1f9-43f0-b0ca-fb1d8e6451cc/ “One indicator of strength is how well an economy holds up under stress, how well it holds up under shocks.” — Varney & Co. Fri, 28 Aug 2026 17:04:37 +0000 Warsh argues hardworking Americans, not financial markets, bear the biggest costs when the Fed misjudges infla https://minutesof.com/q/7d434633-fe14-48bd-96c9-702a9a61fc1e/ https://minutesof.com/q/7d434633-fe14-48bd-96c9-702a9a61fc1e/ “Not the financial high flyers. Hardworking Americans are the ones left to deal with inflation that's too high or jobs that suddenly appear less secure.” — Reuters Business Fri, 28 Aug 2026 16:51:16 +0000 Warsh says 2021 forward guidance may have delayed the Fed's response to high inflation. https://minutesof.com/q/55c0373e-087b-4f0f-84dd-4e4b36363739/ https://minutesof.com/q/55c0373e-087b-4f0f-84dd-4e4b36363739/ “I am not alone in noticing that forward guidance in 2021, to cite just one example, might well have slowed the policy response to high inflation.” — Reuters Business Fri, 28 Aug 2026 16:51:16 +0000 Warsh reports PCE inflation at 3.7% over twelve months, above 4% over six months. https://minutesof.com/q/ec1966aa-e9b8-44c5-a3d2-35ad94bef524/ https://minutesof.com/q/ec1966aa-e9b8-44c5-a3d2-35ad94bef524/ “The Fed's preferred measure of inflation, the one I talked about earlier, the twelve month change in the PC price index stands at 3.7%, with the six month change a little above four.” — Reuters Business Fri, 28 Aug 2026 16:51:16 +0000 Warsh sets the standard that the Fed must be confident inflation is moving to target at sufficient speed. https://minutesof.com/q/4cb6ee05-df1f-4ee8-be6f-36c70e1b7409/ https://minutesof.com/q/4cb6ee05-df1f-4ee8-be6f-36c70e1b7409/ “So here is my standard. We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed. Otherwise, we have work to do.” — Reuters Business Fri, 28 Aug 2026 16:51:16 +0000 Warsh argues hardworking Americans, not financial market participants, bear the worst costs of Fed policy erro https://minutesof.com/q/875ab691-9e95-46e1-98d7-05de6c1ced53/ https://minutesof.com/q/875ab691-9e95-46e1-98d7-05de6c1ced53/ “If the Fed gets inflation wrong and judges the economy wrong, who gets the worst of it? Not the financial high flyers.” — Reuters Fri, 28 Aug 2026 16:51:10 +0000 Warsh says Fed forward guidance in 2021 likely slowed the policy response to high inflation. https://minutesof.com/q/f0256d87-24fd-4062-8f7d-a1d451c03ad8/ https://minutesof.com/q/f0256d87-24fd-4062-8f7d-a1d451c03ad8/ “I am not alone in noticing that forward guidance in 2021, to cite just one example, might well have slowed the policy response to high inflation.” — Reuters Fri, 28 Aug 2026 16:51:10 +0000 Warsh cites Fed's preferred inflation measure at 3.7% over twelve months, above four percent over six months. https://minutesof.com/q/31cac3ae-5d9a-4dea-ade7-d6ab420b0f19/ https://minutesof.com/q/31cac3ae-5d9a-4dea-ade7-d6ab420b0f19/ “The Fed's preferred measure of inflation, the one I talked about earlier, the twelve month change in the PC price index stands at 3.7%, with the six month change a little above four.” — Reuters Fri, 28 Aug 2026 16:51:10 +0000 Warsh states all inflation measures show inflation running above the Fed's 2% target. https://minutesof.com/q/3b916fc1-e973-4c4b-8633-d3b081f48f7a/ https://minutesof.com/q/3b916fc1-e973-4c4b-8633-d3b081f48f7a/ “None of these measures are perfect, but they all tell a similar story. Inflation is running above our 2% target.” — Reuters Fri, 28 Aug 2026 16:51:10 +0000 Warsh says Fed must be confident underlying inflation is moving to target at sufficient speed or continue poli https://minutesof.com/q/ec243323-0fc4-4223-aebf-80be6178e033/ https://minutesof.com/q/ec243323-0fc4-4223-aebf-80be6178e033/ “We must be confident that underlying inflation is moving to our objective clearly and at sufficient speed. Otherwise, we have work to do.” — Reuters Fri, 28 Aug 2026 16:51:10 +0000 Warsh says the Fed spent two weeks evaluating monetary policy strategy, tools, and data sources. https://minutesof.com/q/270c39f5-a682-4e60-b269-9f4408f25bd6/ https://minutesof.com/q/270c39f5-a682-4e60-b269-9f4408f25bd6/ “We have spent an inordinate amount of time in the last two d two days, two weeks looking at our monetary policy strategy, evaluating our tools, thinking hard about the sources of data that we have at our disposal and we wish we had.” — Forbes Breaking News Wed, 29 Jul 2026 23:05:23 +0000 Warsh says Fed is in performance business, pointing to treasury curve and dollar as evidence. https://minutesof.com/q/c9a1e057-ccca-4520-888a-230369e1d404/ https://minutesof.com/q/c9a1e057-ccca-4520-888a-230369e1d404/ “And so so if I look at the treasury curve, if I look at the dollar, if I look at a lot of things that are internals inside of financial markets,” — Forbes Breaking News Wed, 29 Jul 2026 23:05:23 +0000 Warsh sets timeline expectations, saying Fed cannot deliver in days or weeks but will fulfill congressional ma https://minutesof.com/q/a535b547-a808-4fe4-85b9-a8e48c879e2b/ https://minutesof.com/q/a535b547-a808-4fe4-85b9-a8e48c879e2b/ “We've got no magic wand. This isn't something that we're gonna be able to carry out in days or weeks, but we're gonna deliver on the responsibility that congress gave us.” — Forbes Breaking News Wed, 29 Jul 2026 23:05:23 +0000 FOMC unanimously approved updates to its Statement on Longer-Run Goals and Monetary Policy Strategy. https://minutesof.com/q/21fdd0be-996a-40c7-a129-8caf75afc1f7/ https://minutesof.com/q/21fdd0be-996a-40c7-a129-8caf75afc1f7/ “The Federal Open Market Committee (FOMC) on Friday announced the unanimous approval of updates to its Statement on Longer-Run Goals and Monetary Policy Strategy , which articulates the Committee's approach to monetary policy and serves as the foundation for its policy actions.” — FOMC press conferences (video and transcript) Warsh notes the FOMC unanimously reaffirmed its Statement on Longer-Run Goals and Monetary Policy Strategy at https://minutesof.com/q/66efaee1-62af-4a6d-9467-66431e934eac/ https://minutesof.com/q/66efaee1-62af-4a6d-9467-66431e934eac/ “The Federal Open Market Committee, at its annual organizational meeting this week, unanimously reaffirmed its "Statement of Longer-Run Goals and Monetary Policy Strategy."” — FOMC press conferences (video and transcript) Warsh states the reaffirmed statement is identical to the version adopted in August 2020 following the strateg https://minutesof.com/q/8a080f2a-3ca7-4070-9c13-414d3d1b8743/ https://minutesof.com/q/8a080f2a-3ca7-4070-9c13-414d3d1b8743/ “The reaffirmed statement is identical to the statement adopted in August 2020 following the Committee's review of its monetary policy strategy, tools, and communication practices” — FOMC press conferences (video and transcript) Warsh announces the updated consensus statement emphasizes promoting maximum employment and stable prices acro https://minutesof.com/q/2e7359ec-6e03-429f-bf85-ec54d314c078/ https://minutesof.com/q/2e7359ec-6e03-429f-bf85-ec54d314c078/ “The updated statement, also commonly known as the consensus statement, emphasizes that the FOMC's monetary policy strategy is designed to promote the congressionally-assigned goals of maximum employment and stable prices across a broad range of economic conditions for the benefit and well-being of all Americans.” — FOMC press conferences (video and transcript) Warsh notes the framework was first adopted in 2012 with reviews in 2019-20 and 2025. https://minutesof.com/q/9da04ef5-6cc8-4137-a446-2c8d51b2bd09/ https://minutesof.com/q/9da04ef5-6cc8-4137-a446-2c8d51b2bd09/ “The Committee first adopted a framework statement in 2012. The first public review of its framework took place in 2019-20, and the 2025 review was announced in November 2024.” — FOMC press conferences (video and transcript) Warsh says the updates reflect five years of economic lessons to enhance policy effectiveness and accountabili https://minutesof.com/q/0c64b8f7-1c09-4e4f-95a9-664fda4ac5cb/ https://minutesof.com/q/0c64b8f7-1c09-4e4f-95a9-664fda4ac5cb/ “Today's updates reflect lessons from the economy over the past five years, and are intended to enhance the transparency, accountability, and effectiveness of monetary policy.” — FOMC press conferences (video and transcript)