Some highlights from Fed Chairman Kevin Warsh's second press conference: He flags the intermeeting move in real and nominal yields (materially higher, top-decile intermeeting move), frames it as the reduction in forward guidance working as designed: "We haven't done much in 42 days. The markets have done quite a bit." One way to read this is to see the chairman treating market-delivered tightening as a substitute for policy action (for now) as the Fed awaits additional data on inflation trends.(Nick Timiraos)