Market measures of inflation expectations rose, the dollar slid, and even stocks tumbled as investors wagered Warsh was only delaying the inevitable. The moves revealed investors are growing increasingly concerned that Warsh isn't serious about reining in inflation that has run above the Fed's target for five straight years. But, he noted, "this could backfire when inflation accelerates, and the market judges the Fed is once again behind the curve." Trump has downplayed inflation and repeatedly lashed out at Warsh's predecessor Jerome Powell for not slashing interest rates. Since his first meeting last month, though, Warsh has repeatedly emphasized that the Fed will do what it takes to bring inflation back to its 2% target.