Fed Chair Kevin Warsh pares back guidance as policy statement shrinks to 132 words

Federal Reserve Chair Kevin Warsh sharply scaled back the central bank’s policy messaging at his first press conference, stripping all forward guidance and cutting the rate statement to 132 words. Markets reacted quickly: the 10-year Treasury yield rose 6 basis points to 4.49%, the 2-year climbed to 4.16%, and the S&P 500 fell 1.2%. The shift marks a break from the post-2008 push for greater transparency and hits assets that rely on Fed signals for pricing.