In just half an hour! Warsh lived up to his promise of "speaking less," delivering the shortest press conference in Federal Reserve history and showcasing a new communication style.

Federal Reserve Chairman Warsh is putting into practice his promise to curb the central bank's influence. Following the Fed's first interest rate hike in over three years, he hosted a press conference lasting only about 30 minutes, setting a record for the shortest regular press conference held by a Fed chairman, signifying that the world's most influential central bank is quietly reshaping its communication style with the markets.

The press conference, held in Washington on September 16, lasted approximately 30 minutes, breaking the record since Federal Reserve chairs began holding regular press conferences in 2011. Warsh declined to offer any forward-looking guidance on future policy paths , focusing instead on the decisions made at the meeting and officials' assessments of the current economic situation.

The impact of this change on the market cannot be ignored. The absence of forward guidance means that investors will find it difficult to extract the usual policy signals from the press conferences, making it harder to predict the Fed's decision-making path and increasing volatility risk. At the same time, a special task force within the Fed is reviewing its overall communication mechanism, and the future of the press conferences themselves is also uncertain.

The shortest press conference in history: Rejecting forward guidance, focusing only on the current economy.

The press conference lasted approximately 30 minutes, significantly shorter than the usual length of speeches given by previous Federal Reserve chairs after policy meetings. Warsh strictly adhered to his previously publicly stated position—not to offer policy predictions to the market, not to hint at the future path of interest rate hikes or cuts, and to only address the decisions made at this meeting and the Fed officials' assessment of the current economic situation.

This aligns perfectly with Warsh's consistent public statements. He has explicitly stated that the most valuable moments of a press conference are when there is "something important to convey," and he is skeptical of central banks' excessive communication. He has also stated that he does not want the Fed's decisions to be headline news. In June of this year, when he chaired his first meeting as Fed Chairman, he significantly reduced the length of the post-meeting policy statement.

Seating rearrangement: Wall Street Journal and Reuters reporters moved to the back rows

Another notable change at this press conference was the Federal Reserve's rearrangement of seating in the press room. Previously, reporters from major newspapers and news agencies typically occupied the front row; this time, the seating was arranged alphabetically by media name, giving AFP a front-row seat and relegating reporters from The Wall Street Journal and Reuters to the back.

This arrangement breaks the long-standing priority enjoyed by mainstream financial media at Federal Reserve press conferences and is seen by outsiders as another signal that Warsh is reshaping the relationship between the Federal Reserve and the media.

The future of the press conference remains uncertain: a special task force has launched an investigation.

More profound changes may be brewing. Warsh has established five task forces, one of which is specifically responsible for reviewing the Federal Reserve's communication mechanisms, with a task encompassing assessing how the Fed "delivers policy deliberations and decisions amid uncertainty." According to Bloomberg, communication tools such as regular press conferences are within the scope of the review and could be adjusted or even canceled.

It's worth noting that Warsh pledged in July to continue holding regular press conferences, but explicitly limited this commitment to the end of this year. This means that whether the Fed's press conference system will continue from 2027 onwards remains uncertain, and the market and media need to prepare for potential changes to this communication channel.

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