Wash is expected to take over as Fed Chair on May 15, and the market has underestimated the structural impact of this personnel change.


He explicitly called for the abolition of the "dot plot" and forward guidance mechanisms during the hearing—these frameworks have supported global asset pricing for 15 years since their implementation in 2012.
Once dismantled, the market will lose its anchoring reference, and the volatility of interest rate expectations will systematically increase.
For traders, this means that the logic of directional bets before and after FOMC meetings needs to be recalibrated.
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