Goldman Sachs exec makes case for giving Fed chairman some space

• "I think commentators are overreacting to what he's doing, and we should give him the time and space to do what he's doing and judge the results over time."

Zoom out: While markets didn't get the kind of granular analysis of economic conditions and detailed description of the Fed's policy stance that they have become accustomed to, Warsh did assert his commitment to stable prices, even if he was vague about the policies that the Fed might use to achieve it.

• "I think far and away the most important thing is the Fed's independence and the Fed's commitment to price stability, and I think Kevin has been clear on that," Waldron says, by reiterating his seriousness about reaching the 2% inflation target.

• "Just because he's not tightening rates doesn't mean he's not committed to price stability."

Of note: Despite last week's hiccup, markets have been broadly stable in the days since, suggesting little lasting damage from the communications challenges.

• Goldman's financial conditions index, which tracks the tightness or looseness of markets across major world economies, has eased since the meeting, with lower bond yields and higher stock prices.