Goldman Sachs Chief Economist Jan Hatzius stated that Federal Reserve Chairman Kevin Warsh's more opaque approach to policy guidance could be counterproductive. Hatzius believes that while forward guidance on the federal funds rate path is not currently needed, transparency in the Federal Reserve's thought process is crucial. He noted that if investors do not understand the central bank's thought process, they will lack a basis for predicting the Federal Reserve's reactions, leading to more "unhelpful volatility" in the markets. The market is currently pricing in a nearly 61% probability of a rate hike at the mid-September FOMC meeting.