This might mark a milestone where the Fed's independence is completely lost, with monetary policy fully catering to U.S. government debt. In an environment of high debt, high inflation, and rising long-term rates, the market needs to figure out which path Walsh will take: 1. Rebuild inflation credibility → Higher-for-longer rates or even quantitative tightening pressure 2. Use AI productivity as an excuse to explain inflation cooling → Open the window for rate cuts 3. Constrained by fiscal deficits and U.S. debt supply → Fed credibility risk premium rises This paragraph alone is enough for me to study for a lifetime.