Federal Reserve Chairman Kevin Warsh used his Jackson Hole speech Friday to expand on a longstanding critique of forward guidance, arguing that the central bank should rely less on efforts to tell markets where policy is headed and more on a set of principles that leave officials free to respond to changing economic conditions.
Warsh has argued for years that central banks can damage decision-making by saying too much about future policy. On Friday, marking his 100th day as Fed chairman, he made clear that view will shape how he intends to run the central bank.
“You might know about my long-time discomfort with early pronouncements of future…
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