, Columnist
Regime Change? Warsh's Fed Votes Show More of the Same
As a contender to succeed Janet Yellen, he is seen as likely to raise rates. But as a Fed governor, he supported cuts.
Kevin Warsh, former governor of the Fed, has a reputation that doesn't reflect his record.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
As Kevin Warsh's name was floated as a contender to be the next Fed chair, some market participants called him an interest-rate hawk. They should look a little closer.
Their claim reflects an imperfect grasp of how circumstances rather than ideology or preferences shape policy. Warsh, a former Federal Reserve governor, is said to be on the shortlist of candidates to succeed Janet Yellen. News stories about swings in financial markets speculated that Warsh would be more inclined to raise borrowing costs than cut them.