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#WalshPolicyFramework Chair Walsh’s first Jackson Hole keynote feels important for one reason: markets still don’t really know his policy framework 👀 Core PCE remains above the Fed’s 2% target, while initial jobless claims fell to 203K. At the same time, Schmid and Hammack continue to emphasize inflation risks, making the internal rate debate look more divided. What I want to hear isn’t simply whether Walsh sounds hawkish or dovish. I’m more interested in the conditions behind each decision: how much inflation persistence would justify tightening, how much labor weakness would change that view, and where financial conditions fit into the equation 🧭 The Fed–Treasury boundary on long-term yields also needs clarity. Without it, every data release or policy comment risks creating an outsized market reaction. A clear framework may not remove uncertainty, but at least it would explain how the Fed intends to navigate it.