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Federal Reserve chairman Kevin Warsh. Photo: Tom Williams/CQ-Roll Call, Inc via Getty Images
Predicting what the Federal Reserve will do next has become an exercise in trying to game out the tactical instincts of a new chairman who isn't giving the world much to work with.
Why it matters: While it's early days in the Kevin Warsh chairmanship, his reaction function — the way he is likely to respond to incoming information about the economy — is a black box.
