“I thought that Warsh had to tack towards the center of the committee, but at the same time, I thought he might have been somewhat more balanced in his communications, emphasizing the need to get inflation back in check and price stability, but at the same time giving some little nuggets or elements of dovish comments. I don't think he did the latter at all yesterday. He did not take any opportunity to push back on the hawkish signal from the dot plot.

I think that's notable. I think if we would have gotten that press conference under Chair Powell, we all would think that the Fed was going to be hiking rates at the July FOMC meeting. But I think the reality is we don't know what the exact hiking path might look like from here because it was non-committal on that, I think, and it was also clear they're going to be meeting again in six weeks' time, they'll learn a lot, they'll make another decision at that point in time.

This process, this communication process, I think is just going to take some time for markets to understand better and economists to understand better as well"

要时刻提醒我自己不要用旧的框架分析新的主席。前男友就是前男友，不能带到新的恋情！