“And second, that the Fed has historically communicated too much with the market, which Chair Warsh thinks has helped contribute to investors potentially taking too much risk while also restricting the Fed’s options to act.” However, bond investors can survive and thrive amid this uncertainty with actively managed strategies like the ALPS/SMITH Core Plus Bond ETF (SMTH). The simple truth is that the Fed under Warsh is clamping down on the clues or “Fed speak” that bond markets hung on under previous regimes.