SUMMARY OF FED CHAIR WARSH’S STATEMENT: 1. The Fed’s shorter policy statement is intended to “convey the facts” to you. 2. Forward guidance in the Fed’s statement is “not well suited” to the current monetary policy environment. 3. New “independent working groups” will be established in five key areas. 4. The working groups will propose next steps, including changes to the summary of economic projections. 5. The Fed will remain committed to its 2% inflation target. 6. The Fed’s monetary policy appears to be restrictive for the housing market, but not for financial markets. A new era of Fed monetary policy is approaching.