US Federal Reserve Chair Kevin Warsh is implementing significant policy changes. While streamlining FOMC statements and ending forward guidance have merit, the author strongly criticizes Warsh's deliberate obscuring of the Fed’s monetary policy reaction function. This lack of transparency, the author argues, risks unsettling financial markets, making policy less determinant, and hindering efficient policy transmission to the real economy. The article emphasizes the importance of distinguishing between forward guidance and the reaction function, advocating for greater clarity through methods like linking forecasts to rate projections and publishing alternative scenarios to ensure effective monetary policy.