Fed's Musalem (2028 voter) says Warsh is a very good pick for the Fed chair; if new Trump tariffs are one-for-one, it would not change the outlook, according to Fox Business interview
Importance
Level 1
- Dynamic around FOMC tables, respectful and collegial.
- Supreme Court ruling could introduce a period of uncertainty.
- For him policy is well positioned.
- Real FFR is at or below neutral rate. A neutral real rate is important.
- Focused on PCE inflation, rather than CPI.
- Policy is in a good place.
- Does not see productivity growth in the macro data yet.
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