SUMMARY OF FED CHAIR WARSH'S STATEMENT: 1. The US economy is showing "impressive resilience" 2. Inflation "remains elevated" relative to the Fed's 2% target 3. The policy statement displays "just the facts" and "steers clear" of guidance 4. There is no soft inflation target, the only target is 2% 5. Fed notes nominal and real yields are materially higher since last Fed meeting 6. Market participants are "learning to play the ball, not the referee" Once again, the Fed has declined to provide guidance.(The Kobeissi Letter)