What we learned at the Warsh hearing today • He's serious about his reform agenda, which extends from how the Fed does its economic analysis to how it communicates with the public • He cited inflation measures that are a bit more flattering than the "rough swag" (scientific wild-ass guess) that the Fed uses as its main benchmark • Warsh's independence argument will land uncomfortably inside the Fed and may not have helped him broaden appeal with Democrats https://www.wsj.com/livecoverage/kevin-warsh-fed-hearing-stock-market/card/what-did-we-learn-from-kevin-warsh-today-not-much--1WnPEtuhPiLGKvXGx9ap(Nick Timiraos)