I knew it, not being dovish actively means being actively not dovish, and being actively not dovish means being actively hawkish! As expected, Walsh's first FOMC meeting kept rates unchanged, but the dot plot turned hawkish: Out of 19 members, only 18 submitted dot plots (Walsh didn’t submit his), and 9 predicted a rate hike before the end of the year. The median rate for 2026 was raised from 3.4% to 3.8%, and the market immediately repriced for an October rate hike. He abandoned the Fed's 14-year-old forward guidance, stating: the dot plot is drawn in pencil and can be erased. From now on, every decision will be a surprise. S&P dropped in response, BTC followed suit, Is the bear market back?