UBS On-Air: Paul Donovan Daily Audio 'What was Warsh thinking?'

The Federal Reserve left interest rates (and the accompanying policy “statement”) unchanged yesterday. Fed Chair Warsh appeared to try and speak to several audiences. US President Trump was told inflation was the fault of the Fed but would come down. Households were told not to assume the Fed would allow higher inflation (most US households do not know the Fed’s job is to control inflation). And markets were told a lot of things.