New York Post
22 May 2026, 17:28 UTC · 4h ago
Source · https://nypost.com/2026/05/22/business/kevin-warsh-sworn-in-as-federal-reserve-chair-i-want-him-to-be-totally-independent-trump-says/
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Bond traders are betting Kevin Warsh may raise interest rates before the end of the year, reversing expectations of rapid cuts. — A shift from expected rate cuts to potential hikes is strongly bearish for equities and risk assets.
-0.80Kevin Warsh has promised to shrink the Federal Reserve's balance sheet and criticized past massive bond-buying campaigns. — Quantitative tightening (QT) reduces market liquidity and puts upward pressure on long-term bond yields.
-0.60Fed Governor Christopher Waller warned that policymakers should remain open to additional tightening as inflation pressures intensify. — Signals from a sitting governor reinforce the likelihood of a restrictive monetary policy environment.
-0.50President Trump stated that he wants the new Fed chair to be totally independent. — Market stability relies on central bank independence to prevent political interference in monetary policy.
+0.20Kevin Warsh has been sworn in as the new chairman of the Federal Reserve, pledging a reform-oriented approach. — Leadership changes introduce uncertainty, but Warsh's known history as a former governor provides some predictability.
+0.10Impact vectors
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Estée Lauder is mentioned only to identify the family connection of the new Fed chair.
Morgan Stanley is mentioned only as the former employer of Kevin Warsh.
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