Kevin Warsh Explains "Hall of Mirrors Problem" Facing Fed Policymaking

Fed Chairman Kevin Warsh explained the "hall of mirrors problem" in the economy at Jackson Hole on Friday. "If markets rely materially on the Fed's guidance and the Fed relies on market prices, we're more likely to be blinded to new developments, more likely to be caught unprepared, and more likely to commit errors in policymaking," he said.