Compared to March, the dot matrix chart indeed shows a hawkish shift.

In March, it indicated that in 2026 and 2027 there would be one rate cut each.
However, relative to current market expectations, it’s not considered hawkish, but rather moderate and neutral, with a slight dovish tilt.
Market expectations are for one rate hike this year, with no rate cuts in the next year or two.
As of now, the statements from the Wosh press conference have not shown any substantial inclination, a typical tacit understanding.
The stock market’s reaction has been quite good, with an initial rebound, and gold has begun to adjust positively to market expectations…