NEW YORK, Nov 6 (Reuters) - Recent developments in credit markets suggest some easing in lending conditions, but it is way too early to claim victory in efforts to stem the financial crisis, Federal Reserve Governor Kevin Warsh said on Thursday.
Warsh added that markets were indeed still functioning, and were simply offering judgements that were highly troublesome to investors.
"Market discipline is alive and well -- and seems to be offering very brutal judgements," he said in a question-and-answer session to an audience of investors.
(Reporting by Pedro Nicolaci da Costa, Editing by Chizu Nomiyama) Keywords: USA FED/WARSH CREDIT

(pedro.dacosta@reuters.com; +1 646 223-6310; Reuters Messaging: pedro.dacosta.reuters.com@reuters.net)

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