Matt Grossman

Yeah, this was a very hawkish Fed meeting, which we saw especially in the dot plot, which is where the Fed officials lay out their forward-looking interest rate expectations.

About half the committee wrote down that they expect the Fed might need to raise rates this year, which is a big shift from March when no one on the Fed's committee –

saw rate hikes as the right move this year.

We didn't hear too much from Warsh personally about what he thinks the Fed needs to do.

The policy statement was very terse.

Warsh did not say much about his own views of the Fed's next move in the press conference, and he did not participate in the dot plot.

So he is not one of the Fed officials who submitted a forecast for what the central bank's going to do next.

He was pretty candid about some of the ways that he plans to move the Fed forward, laying out a lot of plans to convene experts to review different ways that the Fed operates, including how it communicates with the public, how it handles economic data, a whole host of things that seem to be at the top of Warsh's list of priorities.

Under Chair Powell, by the time a Fed meeting rolled around, markets had a pretty good idea about what the Fed was likely to do.

It wasn't likely that the Fed was going to raise rates without having signaled that beforehand.

We'll really have to see how the Fed communicates over the next six weeks.

And of course, some of that is under Chairman Warsh's purview.

Some of it isn't because the Fed also has 12 regional reserve bank presidents who don't answer to the Fed in Washington.

So we'll have to see how they communicate.

And by the time the July meeting rolls around, we may or may not have a good idea of what exactly is on the table.

Thank you.

We got a really strong jobs report for May.

And not only that, but we got really strong upward revisions to job creation in March and April.

And so now things are looking really a lot brighter than they were at the start of the year.

Over many of the past several months, health care and social services and education were some of the most important sectors in hiring.