The Fed just did something interesting, and I'm starting to think Kevin Warsh had a point all along.

Wrote about yesterday's decision and why — especially now with AI eating everything — maybe we need less Fed transparency, not more. Sometimes what happens behind closed doors should stay there.

The irony: we spent 15 years demanding the Fed show us everything. Now we're drowning in forward guidance, dot plots, and instant commentary. And it's not making anyone smarter. It's just feeding the noise machine.

Warsh argued for this years ago. Got dismissed as old-school. Turns out he might've been early, not wrong.