Warsh wants the Fed to say less. Two officials are pushing for more transparency.

Federal Reserve Governor Christopher Waller and another official are pushing for greater transparency in how the central bank communicates, even as Governor Kevin Warsh argues the Fed should say less. The debate over disclosure comes as officials continue to signal that additional interest-rate hikes may be needed to bring inflation back to target.

The discussion matters because Fed communication itself is a policy tool. Clearer guidance can help markets price risk more accurately, while restrained commentary can reduce the chance that investors overreact to every remark. For rate-sensitive assets—Treasuries, the dollar, and equities—the tone and frequency of Fed messaging can move expectations as much as the decisions themselves.

What to watch: how the balance of opinion within the Fed shifts, whether communication changes are formalized, and how officials frame the path for rates in coming speeches. Neither the transparency push nor the case for fewer public signals changes the inflation-fighting stance on its own, but together they shape how predictably that stance is delivered.