On July 1, institutional analyst Jersey stated that Waller seems fully committed to undermining the Federal Reserve's recent forward guidance. From a market perspective, this means the Fed may surprise the market more frequently—despite Waller having expressed in a June press conference his desire for the market to guide the Fed. This implies that if the market has already priced in a certain change, the Fed may sometimes act contrary to that expectation, as the Fed's reaction function could experience an information vacuum. I recall the last significant surprise was in September 2015, when the market had priced in over a 90% probability of a rate hike, but the Fed did not act due to the depreciation of other currencies.