As markets fixate on every word from new Federal Reserve Chair Kevin Warsh—especially on when rate cuts might arrive—another, more consequential debate is emerging beneath the surface: what the Fed will choose to call ‘inflation’ in the first place.
The issue matters because inflation is not just an economic outcome; it is also a measurement framework that shapes policy, liquidity conditions, and ultimately household purchasing power. If the yardstick changes, the headline numbers can change with it—and so can the justification for easing or tightening financial conditions.
Warsh has… Read more






