[Institution: Walsh is more like a 'steady operator,' likely to stabilize market sentiment] According to Jintou News, Tim Kelleher, Head of Institutional FX Sales at the Auckland branch of the Commonwealth Bank of Australia, stated that after the news of Walsh being nominated as the new Federal Reserve Chair emerged, there was indeed an immediate wave of dollar buying. Given that Walsh is currently the most likely candidate, if it is indeed him, I suspect the market will not see the kind of dramatic and immediate reaction as it did with the possibility of Reed being elected. The market is quite familiar with Walsh, which will likely stabilize sentiment to some extent. Our current interpretation is that Walsh is more like a 'steady and reliable operator,' rather than the type to 'make sweeping changes and start over,' like someone such as Stephen Miran.