Warsh Is Wise To Ditch the Dots

Filed by Deacon Rift

The first major component of Federal Reserve Chairman Kevin Warsh's reform agenda to be implemented is the elimination of "forward guidance" by the Federal Open Market Committee and Fed officials as to future policy positions. The FOMC's postmeeting statements have seen a 49% reduction in word count from one year ago, its minutes have slimmed down by 24%, and the number of speeches made by Fed governors is down by 27%. Mr. Warsh resolutely refuses to be goaded into making news at post-FOMC press