On June 16, Capital Economics stated that the Federal Reserve's decision to remain inactive this week is almost a certainty. The firm's North American Chief Economist, Stephen Brown, speculated that Walsh would not present his own interest rate forecast, but he would still be asked about his views at the press conference. Brown noted, 'The risk for the market is that Walsh's comments could be more hawkish than expected—either due to a communication misstep or simply because his current stance is not as dovish as it was when he was vying for President Trump's nomination.' However, Brown also warned that if Walsh feels constrained by Trump, an overtly dovish tone could reignite concerns about the Fed's independence and potentially drive up long-term bond yields. Brown indicated that there is a significant likelihood of two 'insurance rate hikes' occurring in December and early next year.