Who said what › Kevin Warsh
Chairman, Board of Governors of the Federal Reserve System (as of 2026-09-30). 3 sourced remarks, newest first.
“Yet, for more than five years, inflation has been running above target. So our predominant focus is on the price-stability side of our mandate. The plain fact is that inflation is too high and has been for too long.”
The FOMC voted unanimously to raise the federal funds target range by a quarter point to 3.75%–4.00%, its first hike since 2023.
“The surge in capital expenditures … is real, and the so-called hyperscalers are out in the market raising funding. And so the competition for capital is real, and I think it partly explains the increase in yields.”
Warsh was answering a question about the rise in longer-term bond yields. He listed three reasons: economic strength, competition for capital, and geopolitics.
“Business capital expenditures—the seed corn of future economic growth—are rising rapidly. … More than half of the cap-ex growth this year can likely be ascribed to the buildout related to AI.”
Warsh gave the Jackson Hole keynote on his 100th day as Fed Chairman. In the same speech he said the four-quarter change in investment in equipment and intangibles had been around 9 percent, the highest since 2021.
