Kevin Warsh: Independencia de la Fed es esencial pero Powell incurre en política

Kevin Warsh, ex gobernador de la Reserva Federal, enfatizó la importancia de la independencia del banco central, pero criticó la dirección actual bajo Jerome Powell por incursionar en ámbitos políticos. Warsh abogó por una reducción de tasas y destacó que una política monetaria agresiva es esencial para frenar riesgos inflacionarios. Warsh es uno de los posibles reemplazos para Powell, cuyo mandato vence en mayo.

Kevin Warsh, a prominent candidate for the Federal Reserve chair position, has emphasized the importance of the central bank's independence while criticizing the current direction under Jerome Powell. Warsh, who served as a Fed governor from 2006 to 2011, has called for a reduction in interest rates and a more aggressive monetary policy to mitigate inflation risks [1].

Warsh, who was known for his hawkish stance on interest rates during his tenure, has undergone a significant shift in his views. He now supports lower borrowing costs and the shrinking of the Fed's $7.7 trillion balance sheet. In a recent interview on Fox News, Warsh stated that the Federal Reserve has the policy mix wrong, with a balance sheet similar to that of the 2008 crisis and rates that are too high. He argued that reducing the balance sheet would make room to bring down the federal funds rate, lowering the cost of credit for everyday Americans [2].

Warsh's transformation comes as President Donald Trump's demands for rate cuts have reached a fever pitch. Trump has made it clear that he won't pick a candidate who isn't ready to deliver lower rates. Warsh's public reversal on rate cuts appears to be a strategic move to secure the position. He is not the only contender for the role, with other candidates such as Scott Bessent, Kevin Hassett, and Christopher Waller also expressing a readiness to cut rates [3].

Warsh's hands-on experience during the 2008 financial crisis gives him a strong edge over other candidates. His role in the sale of Wachovia to Wells Fargo and the design of a plan to push billions in capital into the nine biggest U.S. banks showcases his ability to navigate crises. This experience could be invaluable in guiding the Fed through potential future economic challenges [2].

Despite his shift in policy, Warsh's past hawkish stance could pose a challenge. However, his near clinching of the position in 2017 and Trump's remarks since then that he should have picked Warsh over Powell work in his favor. Trump is now hoping to avoid the same outcome—stuck with a Fed chair who refuses to bend to his will and lower rates [3].

The potential appointment of Warsh raises concerns about the Fed's independence. The Fed chair casts just one of 12 votes at Federal Open Market Committee meetings, and may have a hard time persuading a majority of his colleagues to vote with him if they think it's for political reasons. However, Warsh's experience and strategic alignment with Trump's demands could make him a formidable candidate [1].

References:
[1] https://www.bloomberg.com/news/articles/2025-07-17/warsh-says-fed-independence-is-essential-but-limited
[2] https://www.cryptopolitan.com/feds-kevin-warsh-full-u-turn-on-rate-cuts/
[3] https://www.bloomberg.com/news/articles/2025-07-15/trump-fed-chair-contender-kevin-warsh-ready-to-cut-interest-rates