Last night, Waller's speech leaned hawkish. Not only is there no rate cut coming, but there’s even a possibility of a rate hike. Looks like Waller is turning into another Powell—before taking office, he sided with Trump and supported rate cuts; after taking office, he’s standing with the Fed, emphasizing the need to maintain the Fed’s independence. If that’s the case, Trump and Waller’s relationship might break down later, and the one getting blasted won’t be Powell anymore, but Waller.