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Daleep Singh expressed optimism about Kevin Warsh's appointment as Fed chair, emphasizing the importance of maintaining the Fed's credibility amid political pressures. He highlighted the interconnectedness of recent supply shocks impacting the economy and warned of a structurally higher inflation environment. Singh also noted the rising long-term Treasury yields and the potential for financial repression if yields exceed 5%.
- ▪Daleep Singh is optimistic about Kevin Warsh's ability to maintain the Fed's credibility.
- ▪Recent supply shocks have created a structurally higher inflation environment.
- ▪The 10-year Treasury yield has recently topped 4.6%, the highest in nearly a year.
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Opening excerpt (first ~120 words) tap to expand
Singh may have been appointed by a Democrat, but he isn't singing the party line. He began by praising Kevin Warsh, the conservative economist appointed by President Donald Trump and confirmed by the Senate on Wednesday to chair the Fed.The transcript of Singh's conversation has been edited for length and clarity. He spoke over Zoom on Friday.Q: How do you think Kevin Warsh will fare as Fed chair? Daleep Singh: I'm optimistic about Kevin Warsh. His intellectual work has been centered on how to sustain the Fed's most important asset, which is its credibility. That could not be more important at a time when the central bank is under political assault.
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