Earlier this week, newish Fed chair Kevin Warsh compared himself to the referee in an unspecified ball sport:
Market participants are learning to play the ball, not the referee — and market prices will continue to respond in the direction and magnitude they see fit. This is, in my view, a change for the better — and we are just getting started. After all, the central bank need not always and everywhere be the center of attention.
As Rob Armstrong wrote over on Unhedged, that analogy seems absurd:
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