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Five years is the period over which inflation has "bedeviled" the Federal Reserve, by Warsh's account Tuesday, when he pledged a monetary policy "regime change" and called persistent price increases a "tax" on the American people.
Warsh said he aims to "get monetary policy right" and defeat inflation, framing five years of price pressure as a sustained cost extracted from American households.
The regime-change argument In monetary economics, a regime change means a structural break in how a central bank sets targets and defends its framework against inflation expectations.
It is categorically different from adjusting rates within an existing operating setup. Warsh's pledge signals a systemic rethink.
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