Schiff Predicts Fed Chair Warsh Won't Actually Raise Rates Despite Tough Talk

What was said

"I don't believe any of this tough talk. It's easy to talk tough. The hard part is to walk that walk. It's not going to happen. He's just trying to gain some credibility. He's the new sheriff in town. He's going to try to make a lot of noise. It's going to be different, right? I'm going to, I'm going to get rid of inflation. I'm going to do what Powell failed to do. No, he's not."

Peter Schiff dismissed new Federal Reserve Chair Warsh's hawkish rhetoric on inflation fighting, arguing he will fail to raise rates or shrink the balance sheet just as Powell did. Schiff noted the Fed actually expanded its balance sheet by $11 billion in Warsh's first week, contradicting the tough talk and proving politicians prefer kicking crises down the road rather than dealing with consequences.