Federal Reserve Chair Kevin Warsh said on Wednesday that the central bank will chart a new course, declining to provide forward guidance on the policy rate path. Speaking at the European Central Bank's Forum on Central Banking, Warsh noted the Fed has received a lot of data and that FOMC members will debate their views at the July meeting. He stressed that anyone expecting the Fed to be content with inflation above its target will be disappointed, and that the most important thing is to get monetary policy right. Warsh also said the Fed will likely disclose next week the outside experts on five task forces reviewing the central bank's practices, and he defended a smaller balance sheet, emphasizing that interest rates should be the main policy tool.