Warsh is a visiting fellow at the Hoover Institution and on the short list of candidates to be the next chairman of the Federal Reserve.

Has the Fed lost its way? Kevin Warsh, visiting fellow at the Hoover Institution and on the short list of candidates to be the next chairman of the Federal Reserve, thinks the Fed has and offers solutions. Drawing on his firsthand experience during the 2008 financial crisis and his continuing work as a macro investor, Warsh argues that the Fed has strayed from its core mandate of price stability. He discusses the dangers of inflation, the legacy of quantitative easing, and the institution’s growing entanglement with fiscal policy. Along the way, Warsh revisits the insights of Milton Friedman, Paul Volcker, and Alan Greenspan, warns against institutional complacency, and outlines a vision of reform — not revolution — for the Fed. Despite the turbulence, Warsh remains bullish on America’s economic future, driven by innovation, productivity, and the enduring dynamism of its people.

Recorded on May 28, 2025.