Ready, Aim, Aim, Aim… Warsh’s Fed Leaves Markets Unimpressed

Wednesday was a dull day with a dull Fed. Equities did exactly what was expected: a low-volatility, modest FOMC Drift higher with only a small knee-jerk reaction. The Fed didn’t surprise anyone, and Warsh spoke without saying much. If I’m being direct, the bear steepening during and after the press conference looked like the bond…