The first statement from Walsh has been significantly "slimmed down" and the forward guidance has been notably tightened.

The US FOMC released its first policy statement under the leadership of its new chair, Waller. The notably concise length of the statement attracted significant attention. The June policy statement contains only 132 words, whereas the April statement extended to 345 words, making the latest announcement markedly shorter. The structure of the statement has also been adjusted: the policy decision now appears at the very beginning, followed by only a brief overview of economic conditions. Furthermore, the statement has entirely removed information regarding which officials voted for or against the decision, as well as any reasons for dissent. Overall, this statement clearly tightens the Federal Reserve’s forward guidance. The shortened length also reduces the opportunity for central bank observers to conduct the traditional, detailed word-by-word analysis for detecting subtle policy signals.