Howard Marks, co‑chair of Oaktree Capital Management, said he favors the Federal
Reserve cutting back public guidance and generally stepping back from active
intervention, except when the economic risks get out of control (for example,
overheating or a sharp downturn). He noted Fed chair Kevin Warsh is seeking to
pare some guidance measures, which Warsh has said have constrained the Fed's
room for maneuver. Marks added that reduced policy guidance would force
investors to build more antifragile portfolios—a net societal benefit—and called
for an AI working group to study AI's impact on key economic areas such as the
labor market.
