A top Federal Reserve official has joined Kevin Warsh in calling for a revamp of the way the US central bank communicates with investors.
Fed governor Christopher Waller warned that rate-setters’ commitments to keep borrowing costs on hold during the Covid-19 pandemic contributed to the worst wave of inflation for a generation.
So-called forward guidance — where central bankers commit to future actions in a bid to exert more control over longer-term borrowing costs — had “tied the hands” of US rate-setters over the course of 2020 and 2021, Waller said, leading to “unnecessary” delays in raising interest rates to stave off a surge in prices.
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