Fed Chair Warsh: Working Groups Are Working Hard, They Impress Me

The signal here is stylistic rather than substantive: a Fed chair publicly praising internal working groups while offering no mandates, findings, or policy guidance leaves markets with nothing to price. For crypto and RWA participants, the absence of rate commentary is the relevant fact, since digital-asset liquidity has been sensitive to Fed communication. Whether these groups eventually surface anything policy-relevant, and whether the chair's praise translates into formal outputs, is the open question worth watching.