BlockBeats News, June 18th, in the "Fed's Whisperer" Nick Timiraos' view, there are three key points in Chair Powell's first Fed meeting. Will the wording of "accommodative stance" be removed? If so, what will replace it? Since 2024, a statement in the policy release about "additional adjustments" has been signaling to the outside world that the next move in interest rates is more likely to be a cut than a hike. This wording sparked debate at the last Fed meeting and now seems somewhat untenable. Removing it could satisfy all parties: hawks want it gone, and Powell can portray this as a reform rather than a shift to a hawkish stance. Even Trump hinted at this move during Powell's swearing-in ceremony.

Will the "dot plot" take over as a guidance tool? Who will predict rate hikes? The Fed will release its first rate forecasts since March; back then, 12 out of 19 officials expected at least one rate cut by 2026. Now, most expect no rate cuts; I am focused on how many predict rate hikes—and whether Powell, who has long been skeptical of the dot plot, will submit his own forecast or downplay its significance by abstaining from voting.

How will Powell communicate at the press conference? The reason why the Fed Chair's remarks can move the market is that people believe he can control the majority vote—meaning his words represent the committee's direction, not just his personal will. Powell leads a group with differences of opinion that may not be entirely under his control. If he can faithfully convey his colleagues' views, he can start to establish authority as their spokesperson; otherwise, if he fails, colleagues will express their views elsewhere (such as through dissenting votes). Under a chair inclined to reduce signaling, those dissenting votes may themselves become a signaling tool. (Golden Finance)