The Fed kept rates unchanged but offered a shorter statement with no forward guidance
The message was clear: Restoring price stability remains central to the Fed's mandate
Warsh launched reviews of communication, data, balance-sheet strategy and the inflation framework
His belief that central banks communicate too much could reshape policy signalling
Stocks and bonds fell as investors interpreted the Fed's stance as more hawkish
Tighter US financial conditions could create fresh challenges for economies such as India