The Federal Reserve wants to return to the 1990s' "mysticism," speaking less and doing more.

According to The Wall Street Journal, newly appointed Federal Reserve Chair Kevin Warsh is pushing to adjust the Fed's communication strategy, advocating for fewer public speeches by officials, weakening forward guidance, and considering the removal of the widely watched interest rate forecast "dot plot." Warsh believes that the Fed has relied too heavily on forecasts and communication in recent years, which has instead weakened policy flexibility and increased market dependence on Fed signals, and he hopes to restore a communication style similar to the "less talk, more action" approach of the 1990s.