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President Donald Trump's economic team is giving Federal Reserve Chairman Kevin Warsh room to operate on interest rates, even as the president continues to publicly press for cuts and inflation holds above 4%.
The posture marks a notable shift in tone from an administration that has made cheaper borrowing a central economic demand.
A Calculated Distance Trump's advisers are choosing to give Warsh space rather than sustain the kind of direct campaign that typically rattles bond markets and raises questions about Fed independence.
That calculation matters: a central bank seen as bending to White House pressure loses credibility on inflation, which is precisely the problem Warsh is currently tasked with solving.
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