Nobody's sure where the Federal Reserve is heading (opens in new tab)

Predicting what the Federal Reserve will do next has become an exercise in trying to game out the tactical instincts of a new chairman who isn't giving the world much to work with.Why it matters: While it's early days in the Kevin Warsh chairmanship, his reaction function — the way he is likely to respond to incoming information about the economy — is a black box.It means that a wide range of possibilities for interest rate policy this year remain in play — from multiple rate hikes starting i...