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Right now, the hardest thing for Fed watchers to understand is the FOMC policy decisions are now made by twelve independent voters, not a chairman who tells the other eleven how to vote. This is why the criticism of Warsh for not providing forward guidance or a reaction function (rules for future moves) are misplaced. There are now twelve forward guidances and/or twelve reaction functions to consider. Trump gets it. Follow up Of course, the chairman's view is the most influential on the FOMC. But he cannot "compel" the other eleven to vote the way he wants as was common from Greenspan to Powell. This is independence is what Warsh refers to as "Family Fight".