Listening to yesterday and today's commentary on the Federal Reserve meeting, I suspect that quite a few observers are attempting to decode yesterday’s remarks by Chair Warsh using the old (Powell era

Listening to yesterday and today's commentary on the Federal Reserve meeting, I suspect that quite a few observers are attempting to decode yesterday’s remarks by Chair Warsh using the old (Powell era) playbook. In doing so, they risk underestimating the new Chair’s emphasis on institutional reform while prematurely extrapolating signals regarding monetary policy. I suspect that it may take another one or two FOMC meetings to convince them that this is a fundamentally different Federal Reserve, — via @elerianm

Fed Chair Warsh’s focus on institutional reform signals major policy shift risk.