BWC Member Roger Ferguson joined BWC Vice Chair Rebecca Patterson on a new episode of CFR’s The Spillover to reflect on Kevin Warsh’s first FOMC meeting as Fed Chair. Ferguson weighs in on the outlook for rate hikes given inflation above 3% and unresolved energy-driven price pressures stemming from the Iran war, underscoring that the Fed’s central priority is controlling inflation, not propping up equity prices. The two also discuss how AI-driven capital expenditure growth is pushing market rates higher as demand for capital increases.

To listen to the full episode, click here.

All views expressed by members are their own and not reflective of the views of the Bretton Woods Committee.