By far, the most incredible part about this market is fact that the base case now shows incoming Fed Chair Kevin Warsh HIKING rates as his first policy move. These are market-implied interest rate futures, actively betting that rate hikes are coming next. President Trump spent the last 12 months threatening to fire Jerome Powell for not cutting rates. He also said cutting interest rates was a “requirement” for the next Fed Chair and was actively calling for 1% interest rates. Is Kevin Warsh actually about to raise interest rates after what happened over the last 12 months?(The Kobeissi Letter)