New Delhi, July 1 -- Markets spent two hours on Wednesday waiting for Kevin Warsh to say something useful about July. He did not oblige them. What he gave instead was something more consequential for the medium term: a clear statement that the Federal Reserve, under his leadership, will no longer tell the world what it plans to do before it does it.

carefully.

On the July rate decision, Warsh offered nothing. He declined to hint at whether the Federal Open Market Committee will raise, hold, or cut at its meeting later this month, while affirming only that inflation remains too high. "We've all looked around, and we've seen that prices are too high," Warsh said - a statement precise enough to be true and vague enough to commit to nothing...