Analyze central bank policy trajectory: 1. Current Policy Stance: - Policy rate and recent changes - Balance sheet size and trend - Forward guidance language 2. Macroeconomic Context: - Inflation (headline, core, components) - Labor market indicators - Growth trajectory - Financial conditions index 3. Reaction Function: - Stated dual mandate weights - Inflation tolerance (above target tolerance) - Growth/employment sensitivity - Financial stability considerations 4. Market Pricing: - OIS-implied path for next 12 months - Comparison to dot plot (if Fed) - Market vs. economist consensus 5. Scenario Analysis: - Hawkish scenario: What would drive more hikes? - Dovish scenario: What would drive cuts? - Base case probability 6. Cross-Asset Implications: - FX impact - Equity impact (growth vs. value) - Credit spread impact - Duration positioning 7. Key Dates: - Next meeting date - Economic data releases before meeting - Blackout period start