Claire Jones

I'd imagine that hedge funds who are very adept at reading the Fed are going to be able to find good ways to trade this and perhaps make a lot of money out of this volatility.

If you have a sense of what is dubbed in central bank parlance as the Fed's reaction function, you don't necessarily need to hear from Fed officials anymore.

every five minutes to have a pretty good idea of what's going to come next to interest rates.

You can look at the economic data, which is publicly released, and get a sense from that of what the Fed's likely to do.

No problem.

Hi, Mark.

So coming into the meeting over the weekend, we've had this deal between the US and Iran, which has led to a sharp fall in oil prices.

And I think some people thought the Fed might sound a little bit less concerned about inflation than officials have been sounding recently.

That wasn't the case at all, both from the statement and Walsh's remarks in the post-meeting press conference.

We got the sense that they're still very concerned.

And Walsh suggested he's very, very serious about finally getting inflation back to the Fed's 2% goal.

It was no one other than Kevin Walsh.

Now, going into this meeting, we knew that he wanted to revamp communications with Wall Street and the public.

There was a lot of guessing, but, you know, I personally thought that he wouldn't do a dot just because he's objected so much to the dots in the past.

And that very much proved to be the case.

He set out his stall and said, I'm not going to lay out what I think is going to happen to interest rates.

I'm not going to lay out my economic outlook.

And that's quite a sharp change in his first meeting.

Another very interesting thing is it wasn't just Walsh.

We got 18 dots for the projections for this year and next year.