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September 28, 2026
Partner, Chief Economist
Fed press conferences began in 2011, and the chart below plots the total number of questions asked against the median words per answer for every one of them.
At his June and July press conferences, Fed Chair Kevin Warsh followed the same pattern as previous Fed chairs, but in September, he took fewer questions and gave shorter, more focused answers, letting the rate hike speak more for itself.
The bottom line is that Warsh is showing markets that the Fed can communicate clearly and concisely, with less noise and more signal.
Note: 95 briefings, April 27, 2011 (the first regular post-FOMC press conference) through September 16, 2026, roughly quarterly, at September meetings only, through 2018, then after every meeting from January 2019. A question is a journalist's utterance of five or more words or one containing a question mark; call-ons by Fed press-office moderators are not counted. Median words per answer covers the chair's replies, excluding the opening statement. Sources: Federal Reserve post-FOMC press conference transcripts, Apollo Chief Economist
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