Walsh declined to characterize the Federal Reserve as "holding steady", noting that markets have already reacted.

Fed Chair Walsh stated that since the June meeting, financial markets have already priced in most of the effects of the Federal Reserve's tightening policies, so he does not agree with describing the current decision to hold interest rates steady as a "pause". Walsh said: "I would not call today's decision a 'pause' in any sense. If one must label it a 'pause', then the performance of financial markets clearly shows the opposite." Since the Fed's mid-June policy meeting, both U.S. 2-year and 10-year Treasury yields have risen by around 20 basis points cumulatively. Walsh pointed out that during this period, financial markets did not "pause" their adjustments, but continuously repriced based on inflation data and economic growth performance: on one hand, inflation data has shaped market expectations; on the other hand, robust economic growth has pushed both nominal and real interest rates higher. He added: "It is true that the Fed did not explicitly adjust the policy rate today. But I believe this is just the beginning, not the end, of the entire policy narrative." (Jinshi)