Q2: After the surprisingly strong non-farm payrolls, what's next for the Fed? No rate hikes, but the rate cut window is officially closed until 2027. Warsh abolishing the dot plot = the rate market shifts from 'forecast mode' to 'reaction mode,' making each FOMC meeting an independent event, with a permanent rise in the baseline of rate volatility. Structural repricing of SWAPTIONS and interest rate options has already begun.