Warsh is asked about recent grumbling about his unwillingness to lay out how he sees the outlook and the Fed's so-called "reaction function" or how it adapts to changes in the outlook. His answer: "It is said in recent weeks we need to know more about your reaction function; if I look at trigger pullers, people who are making decisions .[in the bond market], volatility is not up; it’s down. Yields aren’t up; they’re down. Inflation expectations are down. I hear this as if people don’t understand. I think they understand quite well. I feel incredible comfort … that there is a willingness by my colleagues…to go back to first principles." "This is a rare moment for us to go back to first principles, ask hard questions, review what we’re doing. …. I’m encouraged."(Nick Timiraos)