Just caught something important from the NY Fed President on the current policy situation. The guy's basically saying don't expect any clear guidance on rate cuts right now - which tells you where their head is at.

Here's what's interesting: they're still describing policy as moderately restrictive, which means there's room to move. But the FOMC isn't ready to signal anything concrete yet. The real trigger point seems to be if inflation keeps trending toward their target - then you'd likely see the FOMC actually start cutting.

What caught my eye though is they're also flagging AI network security as something of major concern. That's not just throwaway commentary either. The Fed clearly sees this as a significant issue worth highlighting alongside monetary policy.

So basically the FOMC framework right now is: hold steady, watch inflation, monitor tech risks. No rush to pivot, but the door's open if the data cooperates. It's the kind of cautious positioning you'd expect when there's still uncertainty in the system.

The takeaway for markets - don't look for FOMC action anytime soon based on this messaging. They're comfortable staying patient, and that's probably the most important signal here.