When Kevin Warsh became the new chair of the Federal Reserve Board of Governors earlier this year, he made it clear he wanted to reform the agency, which he has criticized in recent years. Warsh believes the Federal Open Market Committee (FOMC), which sets monetary policy, including interest rate decisions, has become too influential in the stock market. Warsh doesn't want the Fed to serve as a backstop for the market when things go awry. He also believes investors spend too much time trying to figure out how the Fed will react rather than reacting to economic data themselves.
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