Historically, the Fed has often chosen a combination of "holding steady + verbal toughness" in this cycle: maintaining rates in a restrictive range while emphasizing in statements and votes that it will "ensure price stability," repeatedly delaying market expectations for rapid rate cuts; this operational model has made FOMC meetings the main clock for asset pricing, with traders and institutional investors adjusting the yield curve and risk asset premiums around each meeting.

In terms of capital flow, "all eyes are on the Fed" means that global capital flows are largely determined by U.S. interest rate expectations: if the market believes high rates will persist longer, funds will lean towards dollar assets and short-term bonds, putting pressure on overvalued growth stocks and some emerging markets; if the Fed hints at possible rate cuts after a drop in oil prices and easing inflation, duration assets and growth sectors will preemptively price in easing expectations, leading to a new round of "expectation-driven" market trends.

Structurally, Tuchman's brief comment essentially reflects the reality of "concentrated pricing power + policy dependence": in a high-rate and geopolitically uncertain environment, every statement and dot plot update from the Fed provides a new coordinate system for global asset pricing; market participants' behavior has shifted from actively seeking fundamental value to adjusting positions around "policy rhythm and wording changes," with the main risk factor in the financial system shifting more from corporate earnings and growth to the single variable of "monetary policy path."

ABAB News · Law of Cognition

When all eyes are on the Fed, market pricing is no longer a game between companies, but a function of policy rhythm.
In an era of high rates, the greatest risk to assets is not news, but every slight adjustment in the dot plot.
Those who can read the central bank's path in advance can turn interest rates from an enemy into a lever amid volatility.