F/m Investments' Washington, D.C., office is just a short drive from the Federal Reserve's headquarters. But under the central bank's new leadership, CEO Alexander Morris has found the distance feeling far greater.

Fed Chairman Kevin Warsh embarked on an overhaul of the central bank's forward-looking communication since taking the post in May. That move sounded the alarm for market participants like Morris, whose investing theses rely in part on predicting what the Fed will do with interest rates.