newly confirmed federal reserve chair kevin warsh used public remarks around the june fomc meeting to call for a 'regime change' at the central bank, explicitly moving away from the post-crisis practice of forward guidance and signaling a return to meeting-by-meeting data dependency. the language marks a structural departure from the communication architecture that markets have priced around for over a decade. this is not a rate move — it is a rewiring of how the fed signals its own behavior, which amplifies volatility across asset classes by design.