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#WalshPolicyFramework The Fed's biggest asset isn't lower rates. It's predictability. With inflation still above target and jobs holding up, Walsh has room to stay cautious. But if Jackson Hole fails to explain what actually triggers a policy change, markets will fill the gap themselves. That means every PCE print, jobs report and yield spike becomes a guessing game. A vague framework doesn't preserve flexibility for free. It transfers uncertainty into the dollar, bonds, gold and BTC.