Kaplan says new Fed chair Warsh dropped forward guidance, causing markets to pull forward rate-hike expectations. If inflation doesn't cool by September, the Fed will likely act, and moves tend to come in sequences. Long-end yields are increasingly driven by supply/demand and deficits, not just Fed policy. He urges caution on over-interpreting the dot plot given the Iran deal was signed after dots were submitted.

Zaman thinks peak hawkishness is already priced in for the dollar. She sees a weaker dollar into year-end as the Strait reopening lowers oil prices and benefits energy importers. She favors high yielders like the Aussie, expects one more BOJ hike in Q4, and says less Fed forward guidance means markets must focus squarely on data.

Davis argues markets are wrong to price in rate hikes. Warsh is trying to build consensus, not signal hikes. He hinted at recalculating CPI, which she says is 'nonsense' and under 2% by other measures. She expects higher volatility with less forward guidance, and steeper curves with normal term premium returning, not hikes.