Silence isn’t golden for a world looking to Kevin Warsh’s Fed

Since being sworn in as US Federal Reserve chairman on May 22, Kevin Warsh has struck a distinctly hawkish tone.

At his first press conference at the helm of the world’s most important central bank on June 17, Warsh made a solemn vow to curb inflation.

He said members of the Fed’s interest rate-setting committee were “unambiguous and unanimous. This committee will deliver price stability”.

Bond investors who questioned Warsh’s inflation-fighting credibility – given that he built his candidacy...