LONDON: Federal Reserve chief Kevin Warsh's push to scrap forward guidance is gaining traction at the central bank. Curbing the stream of Fed commentary may benefit everyone, given the erratic U-turns by many senior officials over the past year.
The apparent lack of conviction among many of the Fed's top officials is unnerving. It also risks focusing attention on individual personalities, if not their politics, rather than the hard-nosed data they all claim to live and die by. If such swings on the economy and inflation are part of what Warsh calls a "family fight" over decision-making, it may be best to keep them behind closed doors.
