At a Reuters event, Waller stated that effective monetary policy communication should revolve around the current policy stance, the outlook for policy, and forward guidance under specific circumstances. He used the analogy of a "strike" in baseball to emphasize that market participants need to have a "rough outline" understanding of the Federal Reserve's reaction function. This was a response to Chairman Warsh's earlier analogy of "playing the ball, not watching the umpire," where Warsh advocated for encouraging investors to focus more on economic data rather than closely tracking the Federal Reserve's policy path, which was widely interpreted as rejecting forward guidance. This "family debate" within the Federal Reserve is unfolding through public speeches, reflecting the market's urgent need for clarity in the Federal Reserve's policy communication.