Fed's Warsh Says He Doesn't Think Submitting Dots Is Helpful

Summary

Kevin Warsh explains why he does not submit a dot plot forecast, calling it unhelpful for policy conduct. He notes that colleagues' submissions show humility, lack conviction, and are easily revised. A broad review of Fed communications is expected by year-end.

• Warsh says he doesn't submit dot plots because they aren't helpful for policy.
• Colleagues submitted modal forecasts tentatively, with little conviction.
• The dot plot should not be seen as binding forward guidance.
• A review of Fed communications, including dots, press conferences, and minutes, is planned by year-end.
• The speaker is open-minded about changes to communication practices.