00:00Fed Chairman Kevin Walsh has vowed to end inflation in the US and that means transforming
00:04how the central bank operates. Walsh took over from Jerome Powell in May of this year. His
00:09nomination came after escalating tensions between the White House and the central bank upon President
00:14Trump's return to office. When I was reporting this story I spoke to former Secretary of State
00:19Condoleezza Rice who has known Walsh for decades. She says he's a man of striking intellectual
00:24rigor. I also spoke to a former Fed governor who told me that Walsh is a man of good humor
00:28who can
00:29meet a moment with a calm demeanor and has high emotional intelligence. But Walsh has already
00:33raised eyebrows over his approach. Wall Street and politicians have come to expect a detailed
00:38outlook from the central bank chairman. However skeptics say that Walsh is currently holding
00:43his cards too close to his chest. When Walsh first came to the Fed some people feared he would
00:47immediately advocate for rate cuts but that's not what happened. The ongoing conflict in Iran is
00:52keeping oil prices high meaning the Fed is looking for healthier data before gaining any confidence
00:57to cut. And Walsh has been clear that bringing inflation to heel is a priority. What struck
01:02me about the conversations I had with sources is their description of Walsh's determination
01:06and social fluency. It's likely he'll need plenty of both to navigate pressure from the White
01:11House and a new era at the Fed. For more on Walsh's strategy you can check out my article at
01:16fortune.com.
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