Fed’s Warsh Signals Revamp, But Offers Little Substance on Rates

Kevin Warsh began his tenure as chairman of the Federal Reserve with a solemn vow to curb inflation and a clear sign that he plans to swiftly revamp how the US central bank does its job.

Missing was any clear guidance from him on what it means for interest rates.

Following the Fed’s two-day policy meeting, Warsh on Wednesday passed a critical litmus test with investors skeptical of his inflation-fighting commitment. Markets took to heart new projections from Fed officials showing many of Warsh’s colleagues now expect they’ll need to raise rates at least once this year, sending Treasury yields ...