The Federal Reserve opens a new era of 'de guidance': the biggest highlight of yesterday's interest rate meeting and market impact Last night, the Federal Reserve's FOMC meeting came to an end, and the debut of new Chairman Walsh brought significant policy communication changes - officially opening a new era of "de guidance". 1、 Current situation of core policies one ️⃣ Interest rates remain at 3.5% -3.75%: The committee is clearly and unanimously committed to price stability, but current policy restrictions have shown uneven performance in different markets. two ️⃣ Adhere to the bottom line of 2% inflation: There is no need to re-examine or modify the 2% target until the ability to achieve the target is re established. three ️⃣ Balance sheet review: With a scale of 6.7 trillion US dollars, a special task force will conduct in-depth research on the effectiveness of monetary policy tools. 2、 The significant shift in institutional reform and communication logic one ️⃣ Cancel 'forward guidance': Policy statements undergo a 'major downsizing', focusing more on reliable data rather than systemic statements from the Federal Reserve. two ️⃣ Refuse to submit dot matrix: Break the "feeding" market interaction mode and speak with actual data. three ️⃣ Establish five special working groups: focusing on communication mechanisms, balance sheets, data source utilization, productivity and employment, etc., and provide conclusions by the end of the year. 3、 Summary of Economic Forecast (SEP median) one ️⃣ 2026: Real GDP growth of 2.2%, PCE inflation of 3.6%, year-end federal funds rate of 3.8%, unemployment rate of 4.3%. two ️⃣ In 2027, GDP growth will be 2.3%, PCE inflation will fall to 2.3%, and interest rates will drop to 3.6%. 4、 Immediate and intense market reaction one ️⃣ Gold: Below $150, risk assets are under pressure across the board. two ️⃣ The yield of 2-year US Treasury bonds has risen by 15BP, indicating a significant increase in interest rate expectations. three ️⃣ The US dollar index rose nearly 100 points as the market aggressively priced the Federal Reserve's tough reform stance. I personally feel that the biggest significance of this meeting is not the unchanged interest rate, but the fundamental shift in communication paradigm. The Federal Reserve's shift from "feeding answers in advance" to "letting data speak+framework reform" will increase market uncertainty in the short term (gold, US stocks under pressure, US dollar strengthening), but in the long run, it will help reduce policy noise, improve decision-making transparency and market resilience. The era of 'de guidance' has arrived, and investors need to pay more attention to fundamental data and the actual actions of the Federal Reserve, rather than relying on dot charts or forward guidance scripts. The conclusions of the follow-up special working group are worth continuing to track, as they will reshape the future transmission mechanism of monetary policy.