# Inflation Framework

The Warsh Manifesto: A Minimalist Debut Masks a Maximalist Overhaul of the Federal Reserve

Kevin Warsh debuted as Fed Chair by slashing the FOMC statement's length and launching five task forces to reform the central bank's core operations. While rates remained steady, his minimalist communication style and hawkish undertones sent the dollar and Treasury yields surging, signaling a major shift away from traditional forward guidance.