The biggest risk today is not simply whether Powell—or Walsh—sounds hawkish or dovish, but how the market prices uncertainty around the Fed’s reaction function. With forward guidance and the dot plot no longer providing the usual compass, Treasury yields could become the key transmission mechanism. A sharp repricing in yields could quickly spill into AI hardware, semiconductors, software, pharma, gold, FX, crypto, and Asian equities. Jackson Hole has historically amplified volatility, so I’d watch the yield curve and cross-asset reaction more than the headline itself.