Howard Marks Says Fed Should Communicate Less

Marks is attacking the mechanism rather than any single decision: forward guidance has become a market input in its own right, so the Fed's words move positioning independently of policy. Coming from a distressed-debt investor whose business depends on mispricing, the critique carries weight beyond the usual Fed-bashing. The open question is whether quieter communication would actually reduce volatility or simply shift the parsing burden onto speeches, minutes and leaks — and whether any Fed chair would accept less visibility.