Fed Chair Warsh Says Trying Not To Interfere With Market Signal; Markets Are Reacting To Events Much More Directly Over Last 42 Days; We Are Observing It But Trying To Stay Out Of It; You Are Interested In The Market's Reaction Function; Interpreting Markets Is An Imperfect Business; Economy Output Is Solid, Labor Market Solid, Steady; Treasury Market Seems To Be Saying That As Well; That Is Why We're Seeing In Nominals And Reals Even Though We Have Not Done Much In 42 Days