The Federal Reserve chairman's press conference Wednesday was sharply different from his early appearances in the job, when he often seemed backed into a corner. He's shown he is willing to let the markets guess where he is going — at least to a point. And he has started using his authority to reshape the institution. Warsh was appointed by a president who said cutting interest rates was a litmus test for his choice for Fed chair. When the Federal Open Market Committee opted to hold rates flat in June and July, even with inflation well above the Fed's 2% target, a swarm of commentators questioned the new chairman's credibility.
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