On July 1, Bank of America stated that Federal Reserve officials have significantly reduced their public appearances in the two weeks following the June policy meeting, which may be an early sign that Chair Walsh is implementing a more subdued communication strategy. Bank of America strategists noted that since the June FOMC meeting, Federal Reserve officials have only conducted 12 speeches and interviews, including those scheduled up to this weekend. In contrast, the average number of appearances in the same two-week period following Fed meetings since 2022 has been about 23. This may indicate that FOMC participants are adhering to Walsh's preference for fewer speeches, but it could also be due to the July 4 holiday and the lack of further clarification from Fed officials on the guidance issued in June. Time will tell whether this is a new trend or just noise.