UBS: "The Federal Reserve meets, with Fed Chair Warsh refusing to offer markets a framework within which to consider policy. Does the Fed care about inflation expectations in a world of social media hysteria? What second-round inflation effects matter? Does the upcoming “adjustment” of consumer price inflation calculations (lowering inflation) affect policy? Warsh is channeling Gollum and crooning “my precious” over the Fed’s framework, risking volatility and higher risk premiums in markets."(zerohedge)