Fed Chair Kevin Warsh said some believe providing forward guidance at this time would be inappropriate.

美國總統特朗普：美國經濟各項指標表現優異。

The Federal Reserve's rate decision due Wednesday will be the first under new chair Kevin Warsh. Markets will parse what Warsh says and omits for clues to changes in Fed communication, focusing on the wording of the post-meeting statement, any stylistic shifts and whether the post-decision press conference will be retained. Warsh is expected to push reforms he has outlined, including shrinking the Fed's balance sheet to refocus the central bank on monetary policy. James Grant, editor of Grant's Interest Rate Observer, said Warsh should confront the Fed's weakest financial positions and consider holding gold to improve optics — the Fed currently holds no gold — and warned that if the Treasury stopped covering Fed losses the central bank would have been insolvent, with losses on fixed-income assets and bonds exceeding reported equity.