1. Monetary policy goals and determination to fight inflation. Strong policy stance: Walsh emphasized that the Federal Reserve will “unquestionably” deliver price stability, making it clear that there are no “soft inflation targets.” Anchored 2% target: Identify a specific target for price stability of 2% as measured by PCE. Managing inflation expectations: Despite recent increases in inflation expectations, long-term indicators show that households and businesses are still confident that the Federal Reserve will stabilize prices. 2. The transmission impact of interest rates on new technology and capital expenditure. Interest rate transmission mechanism revealed: Walsh said he had previously suspected the impact of interest rates on artificial intelligence, but facts proved that “interest rates affect almost everything.” Since the beginning of September, the effects of interest rates have been observed both inside and outside the technology complex. Tightening financial conditions and credit spreads: Credit spreads on some assets have widened, and some financial conditions have been tightened. Generalization of capital expenditure: Interest rates are indeed critical to new technology. Currently, the strong momentum of capital expenditure is expanding and is no longer limited to a few narrow fields. 3. Observation of market dynamics and macroeconomic indicators. Interest rates are decoupled from oil prices: Walsh pointed out that until recently, there has been a stable correlation between rising oil prices and market-priced interest rates, but interest rates have recently turned downward. At the same time, he has also noticed a rise in crude oil futures prices. Evaluating the progress of the working group: Five working groups set up within the Federal Reserve are progressing. Some conclusions will be released before the end of the year, but their findings are unlikely to be reflected in current policy points. There will be plenty of information for some time to come. 4. Independence and political neutrality. Politicized decision: In response to the upcoming midterm elections, Walsh clearly emphasized that political considerations did not play any role in this interest rate decision. This was true not only for him personally, but also for his other FOMC colleagues. There was no mention of politics or elections at all during the two-day FOMC review.

1. Monetary policy goals and determination to fight inflation. Strong policy stance: Walsh emphasized that the Federal Reserve will “unquestionably” deliver price stability, making it clear that there are no “soft inflation targets.” Anchored 2% target: Identify a specific target for price stability of 2% as measured by PCE. Managing inflation expectations: Despite recent increases in inflation expectations, long-term indicators show that households and businesses are still confident that the Federal Reserve will stabilize prices. 2. The transmission impact of interest rates on new technology and capital expenditure. Interest rate transmission mechanism revealed: Walsh said he had previously suspected the impact of interest rates on artificial intelligence, but facts proved that “interest rates affect almost everything.” Since the beginning of September, the effects of interest rates have been observed both inside and outside the technology complex. Tightening financial conditions and credit spreads: Credit spreads on some assets have widened, and some financial conditions have been tightened. Generalization of capital expenditure: Interest rates are indeed critical to new technology. Currently, the strong momentum of capital expenditure is expanding and is no longer limited to a few narrow fields. 3. Observation of market dynamics and macroeconomic indicators. Interest rates are decoupled from oil prices: Walsh pointed out that until recently, there has been a stable correlation between rising oil prices and market-priced interest rates, but interest rates have recently turned downward. At the same time, he has also noticed a rise in crude oil futures prices. Evaluating the progress of the working group: Five working groups set up within the Federal Reserve are progressing. Some conclusions will be released before the end of the year, but their findings are unlikely to be reflected in current policy points. There will be plenty of information for some time to come. 4. Independence and political neutrality. Politicized decision: In response to the upcoming midterm elections, Walsh clearly emphasized that political considerations did not play any role in this interest rate decision. This was true not only for him personally, but also for his other FOMC colleagues. There was no mention of politics or elections at all during the two-day FOMC review.