FED CHAIR WARSH SAYS THERE IS MORE NEWS TO COME ON THE FORMAT OF THE NEW MEETINGS, THAT THE FED DOES NOT ANTICIPATE ISSUING A POLICY STATEMENT AT STRATEGY MEETINGS, AND THAT IT IS NOT OBVIOUS YET WHAT IT WILL COME OUT WITH AT THE NEW MEETINGS

The Federal Reserve Chair, identified in the headline as Warsh, indicated that further details are forthcoming on the format of new Fed meetings and that the central bank does not expect to issue a policy statement at strategy meetings. He also said it is not yet clear what the outputs of these sessions will look like. The transmission channel here runs through policy communication and forward guidance: the statement and dot-plot conventions are a primary means by which the Fed shapes rate expectations, so any change to what gets published alters how markets price the path of the policy rate. Rates futures, Treasury yields at the front end and belly of the curve, and the dollar are the most sensitive to shifts in Fed communication, while equity volatility can rise if traders perceive reduced clarity about policy direction. The most concrete near-term catalyst is the Fed's formal announcement of the new meeting structure, which traders will parse for whether any policy-relevant information is removed from the public record.

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