Kevin Warsh gave little information regarding the Fed’s reaction function partly bc he wanted to lean against “forward guidance” (the public’s misinterpreted version) partly bc he disagreed with the S

Kevin Warsh gave little information regarding the Fed’s reaction function partly bc he wanted to lean against “forward guidance” (the public’s misinterpreted version) partly bc he disagreed with the SEP. But he did say he wanted to lean more on “market-based inflation gauges”. 😊 — via @stevehou

Warsh's disagreement with SEP and shift to market-based gauges signals policy uncertainty.