All eyes will be on Kevin Warsh this week as he chairs his first FOMC meeting. However, with PCE inflation on track to top 4% in May, the more pressing question is whether the Fed should raise rates this year. The debate around the FOMC table will be critical, and I worry that Warsh’s efforts to rein in forward guidance could bury it. Obscure a hawkish shift now, and markets get an unwelcome surprise if the Fed actually moves. The uncertainty itself could add to borrowing costs. [...]