Claire Jones

But for 2028 and the longer term, someone joined Walsh.

We don't know who yet, but someone joined Walsh in not submitting the dots.

So it certainly...

weakens the sense in which those dot plots are going to be the key tool for the way the Fed communicates with markets here on in.

Absolutely.

Yesterday, we saw big changes to the Fed statement too.

It was a lot shorter using what, to my mind, was a lot more direct language.

There's forward guidance about whether or not Fed officials want to raise or cut rates.

That was gone too.

He really left his imprint on the way the Fed is going to communicate already.

But there's more to come too.

I mean, he's going to do this task force.

Walsh's stance is less is more.

When he speaks, it's going to be so vital to markets that they're going to better understand how the Fed responds to events.

But he made clear to investors there's no going back here.

I mean, you know, he put it quite succinctly.

And markets are going to have to adjust to that.

This was a guy who people thought was hired by Donald Trump to cut interest rates.

What we got yesterday was a very different Kevin Walsh.

I found his rhetoric very hawkish indeed.