Fed Chair Warsh had introduced visible changes to the Federal Reserve (U.S. central bank) by the 127th day of his tenure, including shorter post-meeting press conferences and a new seating order for reporters based on news organizations’ English alphabetical order. The changes are presented as evidence of a sharp break with predecessors in both monetary-policy thinking and communications. At a September 16 news conference, Warsh rejected the traditional neutral interest rate framework, calling the concept academically useful but saying it offered no guidance for the Federal Reserve’s rate-hike decisions.