Program and guest
Bloomberg Podcasts (approximately 10 minutes and 58 seconds), featuring Axel Merk, president and chief investment officer of Merk Investments. This article covers Merk’s full interview.
Key points
（The following paraphrases the guest’s intended meaning; the timestamp links lead to the corresponding points in the original video.）
- There is a misunderstanding in the market about the Warsh Fed, and Warsh’s recent statements on the ample reserves framework are one example.（https://www.youtube.com/watch?v=p6DC6FfISPk&t=138s）
- Warsh saying the ample reserves framework remains in place does not mean he likes it.（https://www.youtube.com/watch?v=p6DC6FfISPk&t=146s）
- Warsh is not keen on forward guidance.（https://www.youtube.com/watch?v=p6DC6FfISPk&t=182s）
- Criticism of Warsh for not publishing a reaction function is untenable: without consensus among all committee members, a reaction function cannot be published.（https://www.youtube.com/watch?v=p6DC6FfISPk&t=207s）
Background and notes
Subtitles cover the full video (approximately 10 minutes and 58 seconds); this article covers Merk’s full interview.