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"In seven years in the House, I didn’t have a single meaningful opportunity to influence major legislation. In the Senate, and as a freshman, I found myself in the thick of every major piece of legislation." Senator Curtis on the value of the Filibuster
wsj.com/opinion/i-wont…

Kevin Warsh is super nice. That's a problem. It will change.

Warsh tried to do too much for too many yesterday. In the process, he gave naysayers an opening, created some confusion. Expect him to learn. Fast. 1/

Warsh today said it takes some time to get inflation down, and that higher market rates suggest he's on the right track. Well, the market said Warsh is bluffing.
IMHO the market did not read this right. Warsh's mistake is that he's over-explaining because everyone has urged him

Warsh set the standard for talking: when you have something to say. So he spoke at the presser. It comes with answering questions, and as good as Warsh is with Fedspeak (talking without saying much), he was tripped by the question on whether the Fed would hike if there was a 100%

Market: Warsh wasn't all that hawkish, in part motivated by his statement that if the market were to give a 100% chance of a rate hike, The Fed would consider it an input only.
This shows the problem with press conferences. There are times when it's best not to answer a question.

Torsten Slok on BBG:
* 3 dissents not new
* we did not get a clear answer on 'what are waiting for'

10yr rate went up and down like a yoyo is telling you the market is trying to figure out what it all means.

BBG points out that 2yr yields are lower, longer rates are higher. @lisaabramowicz1: market is calling bluff of hawkish talk.