Very interesting document on the fed communication and impacts it has on the markets. Warsh regime change may attempt to end this sort of federal reserve behavior.
"We contribute to this body
of work by identifying an essential component of policy stance that is developed during the
FOMC meeting, but that does not get revealed via the FOMC announcement. We then show
that this information reaches the public domain via the Fed’s communication, affecting risk
premium throughout the intermeeting period."