Should-Read: Tim Duy: Was Kevin Warsh Really A Fed Governor?

Should-Read: Tim Duy: Was Kevin Warsh Really A Fed Governor?: “Kevin Warsh’s column in Tuesday’s Wall Street Journal was so riddled with errors and misperceptions…

…that it is hard to believe he was actually a governor…. Earlier Warsh complained that the Fed reacted to the financial cycles–easing policy when equity prices were falling and vice-versa. Now he wants the Fed to react to those cycles?… The Fed does have a strategy…. The focus of that strategy is the medium run forecast…. The Fed changes their behavior in a systematic way to pursue that strategy. In short, the Fed’s already acts in accord with this supposed “reform.” Move along, folks, nothing to see here…. If you want to understand the Federal Reserve… I don’t think reading Warsh’s op-ed gives you much to work with.