Walsh truly lives up to Yellen's description as an inflation hawk. His debut accomplished two major things: 1⃣ The communication style has completely changed. For example, the entire meeting statement was just over 130 words, less than half of what it used to be. All forward guidance from the Fed on the market economy/interest rates was completely removed from the statement. 2⃣ Walsh himself refused to make any interest rate predictions, leaving the dot plot missing a key vote. This is clear and tough wording, but the stance is deliberately vague. Definitely not the Fed Chair everyone was expecting earlier this year, the one who would push for rate cuts! The market is piecing together clues from the limited hints, abandoning any illusions. Expectations for a rate cut this year are now completely wiped out. Today, all major assets are tanking. This might be the worst "Fed Day" performance for a new Fed Chair since 1994. Wonder what Trump, who helped him get the position, is feeling right now…