Fed Dissent Grows as Oil Prices Rise Before Warsh Term
Four Federal Reserve voters dissented at the latest meeting as oil prices reached $126 a barrel. Incoming Chair Kevin Warsh now faces a divided committee.
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Kevin Warsh will inherit a fractured Federal Reserve after four voters dissented against the latest policy statement, the largest number of defections since 1992. It is the first major challenge for the United States central bank nominee before he officially takes office. The internal split signals a shift toward higher interest rates as global energy prices pressure domestic inflation.
