WARSH FED ERA: CUTS PROMISED, HIKES POSSIBLE Trump picked Kevin Warsh for the Fed expecting rate cuts, but markets are now pricing the opposite. Inflation is rising, bond yields are climbing, and investors are increasingly betting the Fed’s next move could be a hike — not a cut. Warsh says policy will be data-driven, while Trump signals he may “let him do what he wants.” With geopolitical shocks and sticky inflation, the Fed’s path is wide open — and tightening is back on the table.(*Walter Bloomberg)