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snippet from today's hearing, highlighted some sentences, found it surprising that warsh didn't reply with a 'yes' to the highlighted question
Rep. Sean Casten:
I APPRECIATE THAT. NONE OF US WANT TO GO THERE AGAIN. MONETARY POLICY CAN TARGET SOME SECTORS OF OUR ECONOMY, NOT THE OTHERS. WE NEED TO WORK TOGETHER. ON A SIMILAR SUBJECT, I WANT TO PIVOT. I WAS SPINNING THROUGH AND I LOVE THESE REPORTS ALL THE TIME. IT'S ALWAYS GOOD READING. I WANT TO TALK ABOUT FIGURE ONE AND FIGURE 33. FIGURE ONE SHOWS U.S. CPI OVER THE LAST DECADE OR SO. WHAT'S VERY CLEAR IS THAT U.S. INFLATION PICKS UP IMMEDIATELY AFTER LIBERATION DAY ON ACCOUNT OF TARIFFS. GLOBAL INFLATION PICKS UP AFTER THE IRAN WAR. YOU CAN SEE THE SPIKE. WE HAD INFLATION GENERALLY COMING DOWN AFTER 2020. STARTS PICKING UP ON ACCOUNT OF TARIFF POLICY. STARTS PICKING UP AGAIN IN TERMS OF FOREIGN POLICY IN THE UNITED STATES. YOU CAN SEE WHAT WAS DOMESTIC. HOW EFFECTIVE IS MONETARY POLICY? I DON'T UNDERSTAND THE THEORY OF THE CASE THAT INTEREST RATES UNDO TARIFFS OR HIGH OIL PRICES.
Fed Chair Kevin Warsh:
GENERALLY, CONGRESSMEN I WOULD SAY A COUPLE THINGS. WE ARE TAKERS OF THE FISCAL POLICY DECISIONS.
Rep. Sean Casten:
WE DIDN'T VOTE ON TARIFFS OR THE AROUND MORE.
Fed Chair Kevin Warsh:
THE POLICIES MADE IN CONGRESS, WE ARE AWARE OF THEM. WE HAD A WISE LENS BUT WE TOOK THOSE ON BOARD TO MAKE WHATEVER DECISIONS WE BEST CAN CONSISTENT WITH OUR REMIT.
Rep. Sean Casten:
**DO YOU HAVE THE TOOLS TO COUNTER THEM?**
Fed Chair Kevin Warsh:
**WE HAVE TOOLS THAT ARE POWERFUL. WHETHER THEY ARE WORKING AT CROSS PURPOSES OR CONSISTENT WITH THEM IS NEVER EASY TO KNOW IN REAL TIME.** LET ME MAKE ONE OTHER DISTINCTION. MILITARY CONFLICT OVERSEAS, CHANGES IN TRADE POLICY, CHANGES IN IMMIGRATION POLICY. THOSE HAVE AN EFFECT AND WE CAN TAKE THEM INTO ACCOUNT. OFTEN THEY HAVE AN EFFECT ON PRICES.
source: c-span

snippet from today's hearing, highlighted some sentences, found it surprising that warsh didn't reply with a 'yes' to the highlighted question
Rep. Sean Casten:
I APPRECIATE THAT. NONE OF US WANT TO GO THERE AGAIN. MONETARY POLICY CAN TARGET SOME SECTORS OF OUR ECONOMY, NOT THE OTHERS. WE NEED TO WORK TOGETHER. ON A SIMILAR SUBJECT, I WANT TO PIVOT. I WAS SPINNING THROUGH AND I LOVE THESE REPORTS ALL THE TIME. IT'S ALWAYS GOOD READING. I WANT TO TALK ABOUT FIGURE ONE AND FIGURE 33. FIGURE ONE SHOWS U.S. CPI OVER THE LAST DECADE OR SO. WHAT'S VERY CLEAR IS THAT U.S. INFLATION PICKS UP IMMEDIATELY AFTER LIBERATION DAY ON ACCOUNT OF TARIFFS. GLOBAL INFLATION PICKS UP AFTER THE IRAN WAR. YOU CAN SEE THE SPIKE. WE HAD INFLATION GENERALLY COMING DOWN AFTER 2020. STARTS PICKING UP ON ACCOUNT OF TARIFF POLICY. STARTS PICKING UP AGAIN IN TERMS OF FOREIGN POLICY IN THE UNITED STATES. YOU CAN SEE WHAT WAS DOMESTIC. HOW EFFECTIVE IS MONETARY POLICY? I DON'T UNDERSTAND THE THEORY OF THE CASE THAT INTEREST RATES UNDO TARIFFS OR HIGH OIL PRICES.
Fed Chair Kevin Warsh:
GENERALLY, CONGRESSMEN I WOULD SAY A COUPLE THINGS. WE ARE TAKERS OF THE FISCAL POLICY DECISIONS.
Rep. Sean Casten:
WE DIDN'T VOTE ON TARIFFS OR THE AROUND MORE.
Fed Chair Kevin Warsh:
THE POLICIES MADE IN CONGRESS, WE ARE AWARE OF THEM. WE HAD A WISE LENS BUT WE TOOK THOSE ON BOARD TO MAKE WHATEVER DECISIONS WE BEST CAN CONSISTENT WITH OUR REMIT.
Rep. Sean Casten:
**DO YOU HAVE THE TOOLS TO COUNTER THEM?**
Fed Chair Kevin Warsh:
**WE HAVE TOOLS THAT ARE POWERFUL. WHETHER THEY ARE WORKING AT CROSS PURPOSES OR CONSISTENT WITH THEM IS NEVER EASY TO KNOW IN REAL TIME.** LET ME MAKE ONE OTHER DISTINCTION. MILITARY CONFLICT OVERSEAS, CHANGES IN TRADE POLICY, CHANGES IN IMMIGRATION POLICY. THOSE HAVE AN EFFECT AND WE CAN TAKE THEM INTO ACCOUNT. OFTEN THEY HAVE AN EFFECT ON PRICES.
source: c-span