U.S. Federal Reserve Chairman Kevin Warsh stated that recent "materially higher" real and nominal yields, a "top-decile intermeeting move," indicate that the reduction in forward guidance is working as designed. He remarked, "We haven't done much in 42 days. The markets have done quite a bit." This suggests the Chairman views market-delivered tightening as a substitute for the Fed's direct policy action for now, as the central bank awaits additional inflation data.