Kevin Warsh, the new Federal Reserve Chair, is implementing three major changes that could impact markets. He wants to reduce the Fed's communication with markets, already issuing a shorter FOMC statement without forward guidance, which some expect to increase volatility. Warsh also plans to measure inflation using trimmed averages, a method that some economists say could understate inflation and lead to policy missteps. Additionally, he aims to shrink the Fed's balance sheet from its current $6.7 trillion, which would reduce liquidity that some strategists, including Stanley Druckenmiller, consider the key driver of asset prices.