Warsh's Press Conference Falls Flat with Fed Watchers

Kevin Warsh's second post-FOMC press conference as Federal Reserve chairman was met with criticism from Fed watchers, who were puzzled by his performance. The decision to leave interest rates unchanged on Wednesday was expected, but Warsh's presser did not live up to expectations.

In the press conference, Warsh emphasized that the Fed is 'focused like a laser' on returning inflation to its 2% target. However, he dodged pointed questions about why the Federal Open Market Committee has delayed hiking rates to cool consumer price pressures.

Warsh also showed a surprising degree of deference to the bond market, stating that it was a 'change for the better' that fixed-income traders are 'learning to play the ball, not the referee.'