Mark Streiber in The Bond Buyer

While Warsh is likely to offer limited communication, "The good news is, there's a way to understand how the Fed will react without being spoon-fed forward guidance," said FHN Financial Economic Analyst Mark Streiber. "After all, we still understand how the Fed interprets inflation and labor market data, and (at least for now) we still have the dot plot."

"Even if rates are left unchanged, as expected, the tone of the statement and press conference - Warsh would not commit to one when asked in June, but there is a press conference scheduled on the Fed's website - is likely to remain as hawkish as in June," Streiber said.

Read more here.