According to CoinMeta, the "Fed mouthpiece" Nick Timiraos stated that Walsh's tenure coincided with the Fed's shift into a tightening cycle. Historically, such periods are often when "forward guidance" plays a key role. It is commonly believed that "forward guidance" originated during the ultra-loose monetary policy era of 2008-2009 and thereafter, as the Fed relied heavily on this tool when interest rates hit the "zero lower bound." However, the history of forward guidance can be traced back to 1999. At that time, Fed officials wished to reverse the rate cuts made in 1998 while also avoiding repeating the mistake of catching the market off guard due to insufficient communication during the rate hikes in 1994. Therefore, in May 1999, the Fed attempted for the first time to issue a policy statement after a meeting where interest rates were left unchanged. Six weeks later, the Fed raised rates. The minutes from the May 1999 meeting show that officials were already aware of the high likelihood of a rate hike and hoped to use this to guide market expectations.