Fed Chair Warsh (Q&A): Asked about future rate hikes, says he is not in the forward guidance business; not going to prejudge any future decision they may make

What has historically moved front-end rates in episodes of this kind is the gap between the chair's public framing and the data trajectory, since a chair declining to commit while inflation runs hot leaves the next releases to do the pricing work, and stop-start tightening cycles have repeatedly shown front-end sensitivity shifting toward each incoming print in exactly these conditions. The relevant distinction is between keeping optionality on hikes, which this language preserves, and actively teeing one up, which it does not. Prior form matters here: a chair associated with a hawkish lean carries a different base rate for such non-answers than one with a dovish record, and the desk read of that history tends to color how the comment is weighted. The follow-ons are whether other officials echo the non-committal line or sharpen it, and whether the remarks sit alongside any shift in the median of the committee. As Q&A commentary rather than a decision, this is positioning, not policy.