The Federal Reserve's quarterly "dot plot" rate forecasts may soon lose their last projected rate cut, the so-called easing dot, and the plot itself could possibly disappear altogether. Then markets would have to work out whether Kevin Warsh is really the inflation hawk he once purported to be. If he is, that might yet prove a shock for some investors.
The new Fed chair is busily setting out his stall and dutifully consulting staff before his first policy meeting later this month. None of the guidance he gets on policy direction will offer easy answers.
