Kevin Warsh just ended his first ever FOMC meeting as Fed chair. His message to markets: "I can't give you any guidance on what we're going to do next." Here is what he said: 1. Inflation is still way above the Fed's 2% target and prices are too high for most people 2. "We will fix five years of misses on inflation", he is directly saying the previous Fed failed 3. The Fed will no longer tell you in advance what it plans to do with interest rates 4. He watches stock market prices more than anything else when making decisions 5. Interest rates are hurting the housing market but are not slowing down financial markets 6. All 19 members at the table agreed not to raise rates today 7. The 2% inflation target is not changing 8. He refused to say whether bond yields rising after today's decision concerns him 9. He refused to say whether he has spoken to Trump since becoming Fed chair Under Powell, the Fed always told markets what was coming next. Under Warsh, that is gone.