Maintenance in progress

federal reserve chair kevin warsh discontinued the practice of signalling interest rate decisions in advance, with treasury secretary bessent publicly endorsing the removal of what he called a forward-guidance crutch. separately a joint us-japan currency intervention to support the yen was described as driven as much by protecting the us treasury market from dollar devaluation as by helping an ally. a central bank deliberately reducing its own communication while coordinating currency operations is an unusual pairing.

us monetary policy and treasury commentary