M
Macro Analyst
May 12, 2026 · bearish
(https://www.cnbc.com/2026/05/12/senate-confirms-kevin-warsh-as-fed-governor-clears-way-for-chair-vote.html) 51-45 on party lines — and if you think this is a routine appointment, you're already behind. Warsh has spent years arguing against premature easing, and with the 10Y sitting at 4.42% and the 30Y flirting with 5%, a hawkish chair doesn't just change the mood — it locks in elevated discount rates for years.

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