Federal Reserve Chairman Kevin Warsh is reshaping how the Fed communicates with the public, drawing a sharp contrast to his predecessor and harkening back to a different era at the central bank.

After Warsh oversaw his second meeting and second press conference as chairman last week, many in the media and markets expressed frustration over what they perceived as a lack of transparency because Warsh declined to explain why the Fed held off on cutting interest rates, whether rate hikes are coming, or what the Fed is thinking about the current state of inflation.

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