WARSH: MORE IMPROVEMENT STILL POSSIBLE FOR ECONOMY || NEED TO LOOK AT REFORM DURING THIS WINDOW SO FED IS PREPARED TO ADDRESS A NEW SHOCK

Federal Reserve Governor Christopher Waller (WARSH) noted that while economic performance has improved, further gains are possible, emphasizing the need for structural reforms during periods of stability to better equip the Fed for future shocks. His comments highlight a focus on institutional preparedness, suggesting that policy flexibility and systemic resilience could become priorities, potentially influencing long-term rate expectations through the lens of improved macroeconomic framework credibility. This narrative supports a dovish tilt in forward guidance, which may ease financial conditions and weigh on real yields, affecting Treasury valuations and dollar liquidity dynamics. Markets will be particularly attentive to upcoming speeches by other Fed officials to gauge consensus on institutional reform and its implications for monetary policy transmission. The next key catalyst will be the release of the FOMC minutes, which could reveal further discussion on strategic preparedness and economic resilience.

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