Fed’s Warsh Defies Trump’s Rate Cut Demand at ECB Forum, Vows 2% Target

Federal Reserve Chair Kevin Warsh leveraged on his global debut at the ECB Forum in Sintra, Portugal, to send out a solid message which read: the Fed rate hike path is Fed territory only, not for the White House. Speaking alongside ECB President Christine Lagarde, Bank of England Governor Andrew Bailey, and Bank of Canada Governor Tiff Macklem on July 1 , Warsh said he would stick to price stability. He however showed dismay regarding President Trump repeated calls for cheaper borrowing costs. Crypto markets are now left to navigate a hawkish Fed with no exit ramp in sight.