Institutional Outlook: Changes in Federal Reserve SEP and Dot Chart: The Suspense of Walsh's First Dot Chart to be Solved, Inflation May Be Uprevised, Interest Rates Reduced or Delayed BlockBeats News: On June 18th, multiple institutions forecasted changes in the Federal Reserve's SEP and dot matrix. The market is concerned about whether the new Federal Reserve Chairman Kevin Warsh will submit his personal dot matrix forecast, whether inflation expectations will be revised upwards, and whether the path of interest rate cuts will be delayed. UBS predicts that the Federal Reserve will raise its inflation forecast, and most members believe that it is not advisable to cut interest rates before 2028. The median value in the dot matrix may indicate a rate cut in 2028, but the policy stance will still remain tight. Goldman Sachs predicts that the median in the dot matrix will show that interest rates will remain unchanged in 2026, and the final forecast is still to cut rates once in 2027 and once in 2028; The economic forecast for 2026 may show a slight decrease in GDP growth rate and unemployment rate, and a significant upward revision in inflation. Barclays predicts that the latest dot matrix may reflect higher inflation expectations and a more cautious policy stance, with interest rates remaining unchanged throughout 2026, only one rate cut in 2027, and continuing to remain unchanged in 2028. Bank of New York Mellon expects a slight hawkish adjustment in the dot matrix, and the median forecast is highly likely to cancel the previous expectation of a rate cut before the end of 2026. Pacific Investment Management predicts that the dot matrix will shift significantly towards the hawkish direction, with several rate hike forecasts for 2026, but the median still remains unchanged. There are different opinions among institutions regarding whether Warsh should submit personal forecasts. Goldman Sachs, Capital Economics, TD Securities, and Bank of America predict that Warsh may not submit personal dot matrix forecasts. Among them, TD Securities believes that this may be a strategic measure to minimize the hawkish signals that the June dot matrix may release. Bank of America believes that the reason why Warsh does not submit personal forecasts is that it does not believe in forward guidance and expects economic growth forecasts to be lowered to 2.1%, with inflation expected to significantly increase. JPMorgan expects Warsh to submit a personal forecast, otherwise it will appear as a clear objection to the committee it leads. Jeffrey stated that Warsh has clearly stated during the Senate hearing that he does not agree with forward guidance, which will be the biggest change, possibly reflected in a shorter FOMC statement and reduced SEP details. (Golden Ten)