May 2026 – Monthly Commentary

The new Federal Reserve Chairman, Kevin Warsh, last spoke publicly about policy at his April confirmation hearing. He expressed his plans to amend the Fed in several areas of operation. Specifically, he wants the Fed to return to their original dual mandate of full employment and price stability. He suggested that the committee had engaged in mission creep in studying climate-related, counterparty, and cybersecurity risks. All valid concerns but probably best left to Congress to debate.