Fed Chair Kevin Warsh in his speech Friday at Jackson Hole avoided committing either to forward guidance or a reaction function for monetary policy.
Instead, Warsh used the presentation as a broad look at his approach to governance.
“We should not indulge a regime in which market participants are looking primarily to the Fed for their next trade,” he said.
“While this summer’s [inflation] readings were better than expected, they do not tell me that underlying trends have meaningfully improved,” Warsh added.
Certain no reason to telegraph to the market to help traders. You can buy access to the President’s feed for that.