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. 
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