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Dudley wants the Fed to publish its reaction function. Whose? Warsh just drew three dissents and calls the family fight a "design feature." This isn't 12 voters with one reaction function anymore. It's 12 voters with 12 reaction functions. Dudley's right that Warsh at least owes us his. But a function of what? Warsh: "We're going to deliver two percent inflation and not a whisper more. But to achieve that, I'm looking at a broader set of inflation data than PCE." He needs to define the metric before he can give us the rule. Then we're only 11 short of understanding this Fed. @NickTimiraos @lebas_janney