How a Former Fed Vice-Chair Is thinking About the Next Fed Chair
Odd Lots
Bloomberg
4.5 • 2K Ratings
🗓️ 6 February 2026
⏱️ 55 minutes
🧾️ Download transcript
Summary
The nomination of Kevin Warsh to be the next chair of the Federal Reserve obviously has big implications for markets. But it also comes with some interesting sociological questions too. What role does the Fed chair actually play in setting monetary policy? How do they communicate -- and influence -- members of the Fed board? How do they communicate to markets? What happens when someone who's been advocating major regime change at the central bank is now running it? And how do they balance independence with politics? In this episode, we speak with Richard Clarida, former Fed vice-chair and now global economic advisor to Pimco. We talk about what a Fed chair actually does and what we know about Warsh's policy stances so far, as well as why Clarida thinks there may be more volatility in the bond market as a result.
Read more:
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Transcript
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| 1:34.8 | I'm Tracy Alloy. |
| 1:35.7 | And I'm Joe Wisenthal. |
| 1:37.2 | So Joe, Trump nominated Kevin Warsh to be Fed Chair last week. |
| 1:41.9 | We've been talking about it on the show. |
| 1:43.8 | Obviously, this has big market implications. But I'm starting to think that the sociological questions and aspects of this are kind of more interesting. |
| 1:54.1 | I'm so intrigued by the constellation of people who have come out either in support or opposition of this name. |
| 2:02.2 | It is not like any other nominee that I can recall where you have fairly sort of mainstream, |
... |
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