"How different will the Fed be a year from now? Very different... in many aspects of the Chair’s communications. The size of balance sheet could be very different. But when it comes to monetary policy through rates, I am less convinced the change will be as stark."

New Fed chair Kevin Warsh held rates but cut the statement to 130 words and dropped forward guidance. A central bank that now says far less.

Markets react strongly to the Fed chair’s communication style during the press conference