Warsh's Jackson Hole Silence: A Deafening Omission Kevin Warsh's maiden speech as Federal Reserve chairman at the annual Jackson Hole symposium sent a jolt through financial markets.
However, it was what he left unsaid that should have investors and policymakers taking notice – specifically, his failure to address the $40 trillion national debt or historic deficits.
Warsh mentioned "debt" in passing, but this cursory reference only underscored the elephant in the room. The Federal Reserve has long been aware of the burgeoning national debt and its implications for monetary policy.