Warsh's "rebellious" logic: Let the market guide the Fed, but the Fed may not follow at any time.

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Jinse Finance reports that on July 1, institutional analyst Jersey said Wosch appears to be fully committed to undermining the Federal Reserve’s forward-looking guidance in recent years. From a market perspective, this means the Federal Reserve may end up surprising the market more frequently—despite Wosch having said at the June press conference that he wants the market to guide the Federal Reserve. This implies that, if the market has already priced in a certain change, the Federal Reserve may sometimes go against it, because an information vacuum may emerge in the Federal Reserve’s reaction function. I remember the last major surprise was in September 2015, when the market had priced the probability of a rate hike at over 90%, but the Federal Reserve did not act due to the depreciation of other currencies.
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