Markets were left to their own devices for the first time in a generation after Warsh scuttled forward guidance as part of his Regime Change. Some of the disagreements spilled out into the open with 3 dissenters – Beth Hammack, Neel Kashkari, and Lorie Logan – who preferred a rate hike. With Warsh staying away from anything even remotely smelling of forward guidance, there was unusual uncertainty in the markets about the outcome of this FOMC meeting. Upon the release of the FOMC statement today, the 2-month Treasury yield instantly plunged by 7 basis points. The June meeting had been a dot-plot meeting, but Warsh, having declared war on forward guidance, didn’t submit his projections to avoid giving forward guidance, and thereby began torpedoing the dot plot.