OutlookWe watched Fed chief Warsh on TV and were appalled. His post meeting press conference also was enlightening, even without “forward guidance” about Fed inten tions. One result has been that bond yields are rising across the duration curve. It wasn’t so much the FOMC’s decision to hold that sent the dollar down—it was Warsh. This means the dollar will come back, but nobody knows how long it will take for the sudden new loss of confidence to abate.