Wall Street pros were merciless in their reviews of Warsh's performance, saying that Fed guidance helped reduce market volatility by guiding traders to where the Fed was thinking. "Some might call this a 'moron risk premium,' but I could not possibly comment," he wrote in a note to clients. The S&P 500 Index plunged to its worst selloff on a Fed decision day since December 2024. Of course, a bear market was far from investors minds in the days after Warsh's comments. The three dissenters at this week's meeting put out statements on Friday morning to explain why they believe the central bank needs to raise interest rates now.