Federal Reserve Chairman Kevin Warsh holds a press conference following a two-day meeting of the Federal Open Market Committee at the U.S. Federal Reserve in Washington, D.C., June 17, 2026. (Eric Lee/Reuters)
Pure unpredictable discretion is no way to operate an economy.
After last month’s Federal Open Market Committee meeting, Fed watchers remain busy parsing every word uttered that day by the new Fed Chair Kevin Warsh. One clear takeaway from the meeting is that Warsh intends future such gatherings to yield far fewer words to parse as “forward guidance” likely becomes a thing of the past.
Rightly so. The practice of having multiple Fed officials give multiple Polymarket-like interest rate predictions through multiple speeches and dot plots has yielded more confusion than credible guidance.
It’s a good first step but given that the Fed has missed its inflation targets for five years running ...
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We need to match the high quality of our defense platforms and weapons with speed in producing them.
Norman R. Seip
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