- New Fed chair Kevin Warsh opened his tenure by stripping forward guidance and signaling a communication overhaul, surprising markets and raising the prospect of more Fed-driven volatility.
- Investors are now pricing in a possible rate hike as soon as September (or July if data come in hot); Fed projections show more officials expect hikes by end of 2026.
- Markets reacted quickly — S&P 500 slipped ~1.2%, 2-year yields rose and the dollar strengthened — though lower oil after a U.S.–Iran deal could help ease inflation later.
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