Actions have consequences They're immediate when you're the Fed chairman making your 1st appearance after an FOMC meeting. There's a symbiotic relationship between the Fed & the market — a closed loop where actions (or in this case, lack of action) by one influences the other. Warsh messed up.
Catherine Rampell“The bottom line is that an important part of the Fed’s credibility is not just to say that it has certain goals but also to explain how it will achieve those goals.” www.apollo.com/insights-new...