The Globe and Mail reports in its Saturday, June 20, edition that Federal Reserve chairman Kevin Warsh quickly established a 1990s-style approach at his first policy meeting on Wednesday. A Reuters dispatch to The Globe reports that the question is whether Mr. Warsh's desire for a reduced role for the Fed aligns with today's complex, polarized information landscape and the market's expectation for consistent commentary from policy-makers. His focus on inflation, without clear guidance on a rate hike, led investors to anticipate a rate hike. The market reaction "was massively amplified by the Warsh press conference that combined a hawkish near single mandate emphasis on the need to deliver price stability with a total absence of any modulating discussion of the Fed's strategy," wrote Evercore ISI economist Krishna Guha. Spare statements don't necessarily mean clear ones, and some of the changes raised as many questions as they answered. Mr. Warsh's statement on inflation was conditional, noting it was elevated "relative to the Committee's 2-per-cent target," suggesting it may not be seen as excessive in absolute terms, unlike the straightforward claim from former chair Jerome Powell that "inflation is elevated."