We should not indulge a regime in which

market participants are looking

primarily to the Fed for their next

trade.

The economic literature has long

described the distorting effects, what

it called the hall of mirrors problem.

If markets rely materially on the Fed's

guidance and the Fed relies on market

prices,

we're more likely to be blinded to new

developments.

More likely to be caught unprepared

and more likely to commit errors in

policymaking.