Powell is set to appear at Stanford tonight, but don't expect him to reveal anything—he won't say a word about the economy or monetary policy due to the rules of the quiet period.

Interestingly, the market has exploded because of this "silence." Traders are now pushing the probability of a 25 basis point rate cut next week to nearly 90%, a number that is frighteningly high. If the shoe drops, all eyes will be on one thing—the Fed's updated dot plot. What will the interest rate path look like in 2026? The clues may all be hidden in that chart.

Why does not speaking make people more anxious?

First of all, a quiet period often means that big moves are brewing; the more silence, the more it indicates that the next meeting will not be simple. Secondly, the expectation of interest rate cuts has been inflated to this level; if the dot plot reveals hawkish signals, the market can turn on a dime. One more point that is easy to overlook: the Federal Reserve has just paused its balance sheet reduction, and the signals of a policy shift are already quite clear.

The quiet period has never really been quiet; it resembles the repressive moment before a market explosion. Smart money has already started positioning itself. Are you ready to respond to the upcoming fluctuations?