As financial markets brace for the first Federal Reserve meeting under new Chair Kevin Warsh, one thing is already clear—he plans to say less.
Market participants are in the dark about Warsh’s outlook on jobs, inflation, and interest rates, and that’s exactly how he seems to prefer it. His silence is not indecision but design.
Warsh has long argued that excessive communication by the Fed distorts markets and weakens sound policy judgment. He believes the central bank ...
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