SUMMARY OF FED CHAIR WARSH'S STATEMENT:
1. Shorter Fed policy statement is intended to "give you the facts"
2. Forward guidance in Fed statement "not well-suited" to current policy state
3. Establishes new "independent task forces" in 5 key areas
4. Task forces will propose next steps including changes to the Summary of Economic Projections
5. The Fed will be maintaining its 2% inflation objective
6. Fed policy appears to be restrictive for housing, but not financial markets
A new era of Fed policy is ahead of us.
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