Fed Chair Kevin Warsh said some believe providing forward guidance at this time would be inappropriate.

UBS: Insufficient clarity on Woshe’s policy stance and reaction function; either a hawkish or dovish tilt could create market pricing risk. ANZ: Woshe appears intent on reforms; the press conference may outline reform ideas, with fuller detail likely at the Jackson Hole opening speech in August. BofA: Expects a dovish tone — Woshe may argue the Iran conflict only causes a one-off effect on price levels and should be ‘ignored’ by the Fed, especially after reports of potential resolutions. Capital Economics: Markets risk a more hawkish-than-expected delivery, whether from communication error or because his current stance is less dovish than when courting Trump’s nomination. Yale: Warns that overreliance on soft arguments like an ‘AI disinflation’ thesis while sidelining hard data risks repeating a ‘transitory inflation’ mistake. Nordea: Expects a neutral-to-slightly-hawkish posture to build credibility; any communication shift would be signaling rather than immediate policy action. BNY Mellon: Woshe has criticized forward guidance and may use the press conference — or limit future appearances — to signal changes to Fed communication under his tenure. MFS: Given his views on tech-driven productivity, dovish comments are possible but unlikely, since they would undermine a hawkish image.

Federal Reserve Chairman Kevin Warsh said monetary policy effects are uneven.