Kevin Walsh hosted his first FOMC press conference as the Federal Reserve Chair. Here’s how he kicked things off: Good afternoon, everyone! It’s an honor to meet you all! Let me announce: There will be absolutely no rate cuts this year, and rate hikes are officially on the calendar! It’s time to cool down the stock market and Bitcoin! Buckle up, folks—any subsequent crashes aren’t my problem, I’m just here to hike rates! Here’s what Walsh covered in his debut FOMC press conference: ⚠️ Historic event ⚠️ Walsh wrapped up the press conference: He’s serious about restructuring the Fed. Walsh: “We’ve opened a new chapter for the Federal Reserve, bringing fresh perspectives. We promise to deliver on our commitments.” What did they promise? = To bring inflation down to 2%. Walsh’s press conference was far from the rate-cut hints Trump had hoped for. What conclusions can we draw from this? What does this signal about the restructuring? Walsh stated that current rate forecasts “don’t adequately reflect the state of policy,” and confirmed that the next rate decision may involve “new communication methods.” He established five “task forces” in key areas: communication, balance sheet, data, productivity and employment, and the inflation framework. More details will be revealed in the coming weeks. He said, “Monetary policy seems to be constraining the housing market, but not the financial markets” (bad news for financial markets). He questioned the validity of many traditional economic indicators, pointing out that much official data reflects past economic conditions. The Fed should focus more on tools that provide real-time insights into the current economy. Walsh admitted he hasn’t publicly forecasted rate cuts, and those forecasts may be withdrawn in the future. Just a few months ago, the market’s focus was on when the Fed would cut rates. Now, half of the monetary policymakers say multiple rate hikes may be needed this year. The message is clear: Despite Trump’s political pressure to ease monetary policy, the Fed is increasingly concerned about persistent inflation risks, and tightening may take longer than investors expect. On the other hand, Walsh acknowledged that only one person voted for rate cuts in 2026… Contrary to some expectations, the Fed under Walsh’s leadership seems poised to hike rates at least once this year, which will be negative for financial markets. Walsh made it clear that moving forward, there will be “less empty talk” and more focus on data. This means every data point will have a bigger impact on financial markets. Bitcoin dropped to $64,500, and the S&P 500 followed suit with a decline.