Warsh reform: does inflation need a trim?

I do like one of Warsh's proposals: shifting to a modern metric of core inflation, the trimmed mean.

Kevin Warsh sees the Fed as a broken institution and proposes major regime change. In this, the first of a series, I look at his proposal to shift away from the traditional measure of inflation to the trimmed mean. I agree, and have been advocating this for many years. However, like other analysts, I’m suspicious of the timing of his conversion and I st…