The Federal Reserve issued its first monetary-policy report under Kevin Warsh on Friday; Reuters says Warsh is scheduled to appear before House and Senate committees Tuesday and Wednesday after the usual spring hearing was delayed. [1]

Thursday's account of Warsh assigning five reviews to 15 outside experts drew the line between advice and authority: outsiders can recommend changes, but Federal Open Market Committee members vote; congressional hearings create another accountability venue; they do not adopt the panels' work or change rates by themselves.

The sequence matters; Congress has a written report now; members are scheduled to question Warsh next week; no testimony from those hearings exists today, and no rate action follows merely from publication; markets can trade what they expect him to say; reporting cannot quote answers that have not been given.

Reuters says the report attributes spring's inflation increase to tariffs, war-related energy costs and demand from the artificial-intelligence buildout; those are written claims legislators can test; they are not apportioned causal shares, and the report is not a vote.

The hearing dates can move, as schedules do; the New York Fed calendar supplies date context but not a guarantee that both appearances occur exactly as planned; the next useful record will be the actual testimony, questions and any policy guidance Warsh chooses to provide; markets X may pre-trade a hawkish answer, while hearing previews may write the encounter as though it already happened; no verified X status tied to the schedule was found; Friday's public record is simpler: a report was delivered, two appearances were scheduled and Congress now has written claims to interrogate.

-- SAMUEL CRANE, Washington