“What we’ve got here is…failure to communicate”

By: Macro Strategy Team

August 14, 2026

By: Macro Strategy Team

Macro Strategy Team

FOMC Chair Kevin Warsh has assigned all sorts of task forces to rethink Fed processes, including its communications strategy. One change is already obvious – the word count of the statement accompanying FOMC decisions has fallen to the lowest since the late 1990s, when statements were skipped unless there was a policy change. It draws a line under the late Bernanke and Yellen years of over-communication (and over-engineering of policy), but it begs the question of whether such sparse messaging is enough. We talk about Fed communication strategy more with Marvin Loh on this week’s episode of Street Signals.

Author Bios

Macro Strategy Team

The Macro Strategy team provides cross-asset research and market intelligence across developed and emerging economies. Their expertise in FX, equities, and fixed income is complemented by proprietary indicators on investor behavior, inflation, and sentiment—turning complex data into actionable insights that help clients anticipate risks and capture opportunities.

1. Peter L. Bernstein Award for Best Article in an Institutional Investor Journal in 2013; Bernstein-Fabozzi/Jacobs-Levy Award for Outstanding Article in the Journal of Portfolio Management in 2006, 2009, 2011, 2013 (2), 2014, 2015, 2016, 2021; Graham & Dodd Scroll Award for article in the Financial Analysts Journal in 2002 and 2010. Roger F. Murray First Prize for Research Presented at the Q Group Conference in 2012, 2021, 2023. Harry M. Markowitz Award for Best Paper in the Journal of Investment Management in 2022, 2023. Doriot Award for Best Private Equity Research Paper in 2022.