Fed's Chair Warsh: Fed can't have a significant effect on particular prices

Fed's Chair Warsh: There is one proposal on the table, very little discussion on it, and no discussion of any other proposals. We had a good family fight on it. Fed's Chair Warsh on Task Forces: We are not outsourcing decisions. Task forces will make recommendations. Fed's Chair Warsh: I am not going to offer commentary on market reaction today. We've given markets a new chapter for the Central Bank.

Warsh: "We've missed on inflation for five years and we're going to fix that" pic.twitter.com/zZXk0NN5zp Fed's Chair Warsh: Most data we consume have old-fashioned survey methods. Fed's Chair Warsh: I would be open-minded if the Fed data task force had recommendations on how to improve official statistics. Private companies are working with real-time information. Fed's Chair Warsh: I am open-minded, there are new analytic techniques, new private sector data, and reforms for official sector data. Fed's Chair Warsh: Markets perform best when reacting to incoming data. Financial markets act less efficiently when they are worried about how the Fed will react to the data.

Fed's Chair Warsh: I don't believe we have a cruel choice between full employment and stable prices. FED'S WARSH SAYS MORE WORK IS NEEDED ON PRICE STABILITY BUT ALL 19 FOMC MEMBERS AGREED NO TIGHTENING WAS NEEDED TODAY. Fed's Chair Warsh: My read of what I heard in the room, reflected in projections, was that half of colleagues felt rates should be lower and half should be higher. Fed's Chair Warsh: A new communication framework by the year-end wouldn't surprise.