Market takeaway: Fed Governor Waller is widely expected to maintain the terse, June-style communication approach and provide little new forward guidance, keeping headline market signals limited. FHN: Tone likely as hawkish as June but with equal or less tradable information. Wells Fargo: Biggest change would be in communication and forward-guidance flexibility; investors should expect more policy flexibility. BNP Paribas: Likely a short opening, concise answers and very limited forward guidance;

Market takeaway: Fed Governor Waller is widely expected to maintain the terse, June-style communication approach and provide little new forward guidance, keeping headline market signals limited. FHN: Tone likely as hawkish as June but with equal or less tradable information. Wells Fargo: Biggest change would be in communication and forward-guidance flexibility; investors should expect more policy flexibility. BNP Paribas: Likely a short opening, concise answers and very limited forward guidance; remarks should align with congressional testimony. TD Securities: Unlikely to offer forward guidance; will reaffirm price-stability commitment, note recent disinflation while stressing inflation remains elevated. Saxo Bank: Watch for a possible announcement to stop publishing the dot plot or summary forecasts from September. JP Morgan: Low expectations for new information given Waller’s recent brief, broad communications; unlikely to give explicit forward guidance. Societe Generale: Will reiterate commitment to disinflation to 2% while acknowledging inflation may be stickier than expected; welcomes June inflation prints but will stress need to confirm the downward trend. Goldman: Unlikely to map a clear future policy path; may outline timelines for work by five Fed working groups. WSJ reporter Nick: If the Fed hikes, market reaction will hinge on whether Waller frames it as a one-off response or the start of a sustained tightening cycle.