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Kevin Warsh -- the background story x.com/i/broadcasts/1…

I'll be reviewing the new sheriff in town, Kevin Warsh, with @adamtaggart's @thoughtfulmoney at 11am ET. Most people miss how profound the changes under way at the Fed are. Make sure you tune in.
If technology plays along, I'll be live streaming it here as well.

Warsh has long called for greater use of real-time data. Do you know who already uses real time data? The market.

Giving up forward guidance means the market can do its job without the jawboning of the Fed. That jawboning is not helpful because it took the gauges away for the

Folks don’t understand that forward guidance turned the FOMC into a dog chasing its tail. A true end to this circus is incredibly important and helpful x.com/axelmerk/statu…

Folks poking fun at Warsh's "there’s a task force for that"

FWIW, Warsh set a new tone with a simple statement. He took out forward guidance out of both statement and answers.
Beyond that, he bought time with the task forces. But he gave topics that require reform.

Warsh summary: let the data drive the Fed, rather than the Fed drive the markets.

That way, the data drive markets.

Warsh's first presser over.
* dollar stronger / gold down
* 2yr yields up (notably)
* 30yr yield down (a tad)
* S&P down a bit

Yes, the market reacted, but given that substantial changes are coming to the Fed, it's a somewhat benign reaction.