The bond market delivered a stark message to Federal Reserve Chairman Kevin Warsh: his strong rhetoric on combating inflation has not been matched by decisive action from the central bank.

Despite Warsh's hawkish pronouncements, investors perceived a lack of urgency in the Fed's approach to monetary policy. This disconnect between words and deeds led to a significant rout in the bond market, signaling investor skepticism about the Fed's commitment to bringing inflation under control.

The selloff in bonds suggests that market participants believe the Fed is either unwilling or unable to implement the necessary measures to curb rising prices. This has raised concerns about the central bank's credibility and its ability to effectively manage the economy.