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Sen. Tim Scott praises Kevin Warsh and urges Fed's data-driven focus on price stability
Summary
Senator Tim Scott said Kevin Warsh's testimony underscored Federal Reserve independence and described a unanimous Fed decision to hold interest rates as a positive sign; he urged following market data to sustain price stability for households.
Senator Tim Scott said Kevin Warsh's remarks and conduct during recent hearings underscored the Federal Reserve's independence and a return to consensus decision-making on interest rates. "For the first time in a long time we saw a unanimous decision coming out of the Fed to keep interest rates where they were," Scott said, praising Warsh's emphasis on following market data.
Scott told the interviewer that Warsh advocated that policy should "follow the data" and keep the focus on price stability for ordinary households. He said that a split at the Fed, as seen in past votes, had been a concern and that more unified decisions should be encouraging for the public.
Scott framed the development as good news for "the average person," saying he expects renewed price stability as a result of the Fed's approach under Warsh. The interview did not include direct comments from Warsh or other Fed officials; the remarks reported are Scott's characterization of recent Fed action.
