On July 1, Federal Reserve Chairman Walsh stated that investors should focus more on economic data to determine whether the central bank will raise interest rates. Walsh did not provide any hints regarding a potential rate hike in July and reiterated his dissatisfaction with the concept of 'forward guidance.' Walsh was nominated by Trump earlier this year and took over as Fed Chairman in May. He previously served at the Fed during the global financial crisis of 2008-2009. When making public statements on economic issues, Walsh is less likely to be as candid as Powell. He has expressed that he believes Fed officials speak too much, which can confuse investors.