00:00I don't think Kevin Warsh is eager to push that coin one way or the other verbally.
00:09Eventually, he's going to have to decide.
00:11We've become accustomed in recent years with Powell and before that Yellen and before that Bernanke
00:18to getting some hints often at the Jackson Hole conference.
00:24Everything that Kevin Warsh has said about Fed talk since he was confirmed even before
00:31suggests he's not going to do that.
00:34And by the way, that's easier to do when you're not sure yourself.
00:39And he may not be sure himself at this stage.
00:42I do think the market wants to see the Fed not give forward guidance.
00:49They're willing to accept that.
00:51What they want is, what criteria are you looking at?
00:55Are you looking at the five-year, five-year inflation expectations?
01:02Are you looking at the Fed funds futures market?
01:08What criteria are important to you?
01:11And I do think that's the right function of the Fed to reveal to the market.
01:16And if Warsh does that, I think we could get a big rally there on Friday.
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