Why this former contender for the Fed chair job thinks Kevin Warsh has a huge problem on his hands

Former recent Federal Reserve chair contender and BlackRock chief investment officer of fixed income Rick Rieder thinks the guy who ultimately got the gig — Kevin Warsh — has one big challenge on his hands. That is, a rate hike won't necessarily bring down the cost of things for households. "What is difficult concerning inflation today, based on the San Francisco Fed's analysis, is that the cyclical parts of inflation are generally well behaved, yet it is the acyclical parts of inflation that are difficult to contain, and tend to resist movements in interest rates," Rieder wrote in a new...