The new Federal Reserve Chair, Kevin Warsh, adopted a highly welcome change during his opening remarks at the press conference following today's policy statement.

Underpinning his emphasis on accountability, his delivery was noticeably more open, engaging, concise, and honest.

What changed

The new Federal Reserve Chair, Kevin Warsh, adopted a highly welcome change during his opening remarks at the press conference following today's policy statement. Underpinning his emphasis on accountability, his delivery was noticeably more open, engaging, concise, and honest. In addition to confirming that he did not submit "dots" given his well-founded (and correct) discomfort with the Summary of Economic Projections (SEP), he announced the creation of five task forces to take a fresh look at — via @elerianm

Why it matters

Warsh's more open, engaging, concise, honest delivery signals a welcome shift in Fed communication.