The bigger picture here is that Warsh has announced the end of financial crisis-era monetary policy and a return to normalcy. Communication—and especially forward guidance—became an instrument of monetary policy because the Fed needed markets to carry its intentions across the yield curve. This is a pretty widespread view on Wall Street and in the corners of the economic profession that profess to study monetary policy. If the Fed owns fewer securities and supplies less assurance about future rates, investors must bear more duration risk themselves. Anticipation of Fed policy will always be a part of the calculation, but it does not have to be the dominant part.