Kevin Warsh 'hurts Fed independence,' says 3Fourteen's Warren Pies

• Kevin Warsh is seen as the 'worst Fed pick' due to his track record and potential to undermine Fed independence.
• Warsh's appointment would likely lead to a higher term premium, a steeper yield curve, and higher rates.
• His policy leanings could result in a 'lower Fed put', implying less aggressive Fed intervention during future market crises.

Warren Pies, co-founder of 3Fourteen Research, criticizes Kevin Warsh as a potential Fed pick, stating he is the 'worst pick of the four' candidates. Pies argues Warsh's inconsistent track record and perceived lack of independence would lead to less market trust, a steeper yield curve, and higher rates. He also suggests Warsh's approach could lower the 'Fed put', making the Fed less responsive during future crises.