Victoria Craig

The conflicts are exposing demand for next-generation weapons like drones, autonomous vessels, even battlefield AI.

It's been less than a week since Kevin Warris chaired his first Federal Reserve meeting, but already major investors are warning his plans to slim down communications with Wall Street risks heightening volatility in the world's most important bond market.

Claire Jones is our U.S.

economics editor, and she joins me now to chat about this.

Hi, Claire.

Hi, Victoria.

So just walk us through this.

What exactly are investors concerned about?

What was the market reaction from that slimmed-down guidance?

OK, so all of this means obviously less explicit clues from the Fed itself when it comes to what it's thinking on the path for monetary policy.

But that doesn't always stop markets from speculating.

So where else might investors look for signals about what the Fed might want to do in the future?

And of course, this isn't new.

This is how central banks used to communicate, right?

We didn't always have such clear roadmaps to what monetary policy might be.

But have there been any downsides to that very explicit, clear communication?

Now, there are people who do know how to read the Fed without those explicit clues.

Who is it that might benefit from this change in communication policy, Claire?

So lots more parsing and reading between the lines.

Claire Jones, our U.S.