| Federal Reserve Chairman Kevin Warsh's highly anticipated maiden press conference on Wednesday was, according to many Fed watchers, smooth, polished and tightly controlled. Following the decision to hold rates steady, Warsh gave a statement and fielded questions from reporters. Economists largely gave Warsh high marks on style, saying he avoided major missteps and communicated his priorities clearly. Some, however, noted he sidestepped tougher questions on topics such as how, exactly, he would lower inflation. ALSO READ: Warsh Era Begins: Fed Keeps Rates On Hold, Hints At Hawkish Tilt With Possible 2026 Hike Did Kevin Warsh communicate clearly?"It was classic Warsh. His comments were slick and well-rehearsed," said Joe Brusuelas, Chief Economist, RSM US. "One of the hallmarks of Warsh's style that he has developed over the past three decades is that of a policymaker with strong preferences that lean in the direction of market-based indicators and preferences, rather than the more intellectually nimble framework favored by Ben Bernanke and Janet Yellen." "He was in full control of the press conference,," said Stephen Stanley, chief economist at Santander US Capital Markets. "He answered the questions he wanted to, and didn't answer the questions he didn't want to." Did he demonstrate a command of the subject matter? Stanley: "He certainly has full command of the economic landscape and the policy framework, and has strong ideas about how he'd like to change the conduct of policy going forward." "Absolutely he did," said Barclays Chief Economist Marc Giannoni. But, he added, Warsh "pushed down the road all of the difficult questions. He's basically saying 'I don't have an answer for you today.'" Did he commit any serious missteps?"None from my perspective," said Christopher Hodge, US chief economist at Natixis North America. "I think he achieved what he wanted to achieve: a signal that changes are coming. What changes will be determined by the five task forces being assembled and dictated by circumstances." "I don't think so," said Yelena Shulyateva, senior US economist at the Conference Board. "Overall I think he's a great communicator. Usually the first press conference is a tough thing, and I think he mastered it very well, whether you agree or disagree with what he said." ALSO READ: Fed Chair Kevin Warsh Drops 'Forward Guidance' In Debut Meeting, Launches Five Task Force |
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