Warsh's silence is handing Waller the steering wheel at the Fed — and Waller's nowhere near consensus. By refusing to give guidance, Warsh just created a vacuum that Waller is filling with his own views.

This wasn't supposed to be how it works. If you're chair, you set the tone. If you go quiet, someone else will speak for you.

Warsh needs to reclaim the narrative before the market starts pricing Waller as the de facto voice of policy. Right now, we're getting mixed signals when clarity matters most.