Is Kevin Warsh willing to take tough action? An editorial titled “Warsh Makes Markets Do Their Job” (Aug. 1) takes a shot at bond traders, suggesting they should stop complaining about the Federal Reserve. The piece argues that clients pay traders to make judgments about risks and returns in real time, making complaints about the Fed's direction embarrassing.

However, I disagree. The recent “bond market tantrum” on “Fed day” was not caused by a refusal to offer forward guidance. That specific communication shift occurred six weeks prior during Warsh’s first meeting as chairman.

Notably, that earlier shift triggered almost no movement in long-term yields. This suggests that the current market volatility is driven by factors beyond mere communication styles or the lack of specific guidance from the Fed.