Former Fed Gov. Kevin Warsh argued in an op-ed in the Wall Street Journal that the central bank should take "immediate action" and jointly cut interest rates with the People's Bank of China, the European Central Bank, the Bank of England and the Bank of Japan. The Fed "should be in the business of responding to 'tail risks'-unlikely events that would have highly damaging effects on output and inflation-not fine-tuning around the base economic outlook." Warsh was a candidate to become chairman of the Federal Reserve under President Donald Trump, who at a White House gathering told Warsh he should've lobbied ... (full story)