Warsh’s Fed Requires Better Communication, Not Less: Bill Dudley

One of Kevin Warsh’s first tasks as the new chair of theFederal Reserve will be to decide how to alter the central bank’s communication practices. In his public remarks and Senate Banking Committee confirmation hearing, Warsh has raised three major objections to how the Fed has articulated its views:

1. The Fed communicates too much. Warsh has hinted that he might not favor press conferences after each Federal Open Market Committee meeting but instead might have press conferences only when Fed officials have something important and new to say. He has also argued that there are too many ...