Economic data will steer the consensus on monetary policy, but the real hidden storyline is the internal split within the Federal Reserve—and the Walsh reform is set to make big moves.

I listened to the livestream, but couldn’t get through it halfway!
Lagarde is taking a more hawkish stance,
Walsh reiterated his view that there would be no forward guidance and that the Federal Reserve must remain independent!
Walsh also gave a warning shot: the upcoming July meeting is likely to bring more and more serious disagreements, highlighting tensions within the Fed—most likely related to Walsh’s reforms.
Bailey looks quite troubled, but it’s not that important!

The unified view of Lagarde and Walsh is that monetary policy should be based on more economic data.