Nick Timiraos: Powell Fed faced worst inflation in 48 years and ethics concerns

Nick Timiraos: Powell Fed faced worst inflation in 48 years and ethics concerns
Powell Fed under fire for ethics, inflation

Nick Timiraos, chief economics correspondent at Wall Street Journal, highlights recent remarks from Bessent criticizing the Powell-led Federal Reserve. Bessent, speaking to Bartiromo on Fox News, referenced the performance of the Fed on monetary policy, ethics, and supervision. He specifically pointed to the worst inflation in 48 years and ethical concerns after departures of several governors and regional bank officials.

Timiraos has previously reported that Kevin Warsh pushed for broad reforms at the Fed, including changes to economic analysis and public communication at a recent hearing here. In testimony to the Senate, Warsh said Fed independence is largely up to the institution itself, with inflation control as its core responsibility according to Timiraos. The recent remarks by Bessent add to continued scrutiny of the central bank’s performance and governance.

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