[UBS: Walsh's First Appearance Leans Hawkish, But Rate Hike Expectations for the Year May Be Overdone] According to a report by Jinse Finance on July 1, UBS stated in its latest report that the first Federal Open Market Committee (FOMC) meeting under Federal Reserve Chair Kevin Walsh sent a clear hawkish signal. However, the market's bets on rate hikes within the year may be overly aggressive. UBS expects the Federal Reserve is more likely to maintain the federal funds rate at 3.50%-3.75% for the remainder of the year and recommends that investors increase allocations to high-quality short-duration and medium-duration bonds to lock in the currently elevated yields.