# 美债

The first real change after Warsh took office wasn't interest rates — it was the tone.
He cut two-thirds of the Fed statement from 341 words to 130. All the language about "forward guidance" disappeared, even the suggestive language like "dovish bias" was gone. He himself said at the press conference: "That statement only gives you the facts, what we can judge."
He didn't include the dot plot point. He said "not helpful in the conduct of policy," then hinted that by the end of the year, they might revisit the entire SEP, press releases, meeting minutes, and even the frequency of meetings.