The latest FOMC meeting may have revealed more than the Federal Reserve’s interest-rate outlook. It also offered the clearest glimpse yet into how Fed Chair Kevin Warsh intends to reshape the central bank. Markets initially focused on the decision to leave rates unchanged and the debate over inflation. However, the bigger story may lie in how the Fed now communicates policy. Shorter statements, less forward guidance and a more discretionary approach suggest Warsh is changing not just monetary policy, but the framework behind it. That matters because the way the Fed communicates today could determine how easily it ... (full story)