Federal Reserve chair Kevin Warsh’s stripped-back approach to communication is “already backfiring” and risks eroding the central bank’s influence over the $31tn US Treasury market, investors have warned.
Thirty-year US borrowing costs jumped to their highest since 2007 on Thursday, despite the Fed holding its policy rates steady.
Warsh vowed at Wednesday’s post-decision press conference that the central bank “will not waver” in the battle against inflation. But investors said the lack of forward guidance on where rates are going — and the lack of an explanation as to why the Fed had not raised them if inflation is a concern — had spooked the market.
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