On July 30, Fed Chair Walsh explained at a press conference why he mentioned that financial markets, in the absence of central bank policy guidance, have already priced in tighter monetary policy expectations, but that does not mean the Fed must follow the pricing actions of traders and investors. Walsh said, "I am encouraged that during this inter-meeting period, the market has not adjusted pricing because of us, but rather has reflected tighter financial conditions on its own." He added, "I think that is a constructive development." However, he noted, "We do not endorse or support any particular market move, but I would say that we observe market developments with a high degree of attention."