Morgan Stanley: The "Mystery" In The Fed Dots, And Why The Fed Will Be "Very Different" One Year From Now

By Seth Carpenter, chief economist at Morgan Stanley

Kevin Warsh’s first meeting as Fed Chair marked a new chapter. Chair Warsh intentionally gave little guidance on the path of monetary policy; he has said that reducing “forward guidance” is central to his philosophy. He highlighted important forthcoming changes, but as with the policy rate, he did not specify the likely path.