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Federal Reserve Chair Kevin Warsh told Wall Street to stop mining the central bank's communications for advance signals on interest rates and instead train its focus on incoming economic data.
Warsh, the new Fed chief, offered no indication of whether the central bank would raise rates in July, underscoring his deliberate silence on the path ahead.
A Deliberate Break From Fed Communication Norms Warsh reiterated his well-documented opposition to forward guidance — the practice of signaling future policy moves to investors before they happen.
For years, markets have priced assets partly on the expectation that Fed officials would telegraph rate decisions in advance, compressing uncertainty and smoothing volatility.
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