Federal Reserve Chair Kevin Warsh told a press briefing he does not support
using so‑called forward guidance to signal future rate paths or policy direction
except in an emergency or crisis. He said forward guidance played a substantial
role during the darkest phase of the 2008 financial crisis — after policymakers
referenced research by a recently awarded Nobel laureate — but he does not
endorse its use in normal times, especially given current strong economic
fundamentals.
