2026-10-16
28 分钟It is not a calm time in markets right now.
Amid the war in Iran,
an extraordinary AI buildout,
and fears about unsustainable public finances,
bond yields have been climbing.
As investors lose their cool,
where are central bankers?
Offering words of calm
or adding to the anxiety?
Or perhaps they're taking this moment,
this tense moment,
to reevaluate the way that they communicate.
Transparency in communications about future policy decisions
is not an end unto itself.
Communications must be in service
to the Fed's paramount responsibility.
And what is that?
That's getting policy right.
I am, of course, referring to one central banker in particular:
Kevin Warsh, the new chair of the Federal Reserve,