Analysis: Warsh is learning to wield the Fed's power without showing his hand

The Federal Reserve chairman's press conference Wednesday was sharply different from his early appearances in the job, when he often seemed backed into a corner. He's shown he is willing to let the markets guess where he is going — at least to a point. And he has started using his authority to reshape the institution. Warsh was appointed by a president who said cutting interest rates was a litmus test for his choice for Fed chair. When the Federal Open Market Committee opted to hold rates flat in June and July, even with inflation well above the Fed's 2% target, a swarm of commentators questioned the new chairman's credibility.