Kevin Warsh will testify before Congress over two days in his first appearance as Federal Reserve chair. The testimony arrives ahead of the Fed's July rate decision, and markets are watching closely for any signal on where Warsh stands on inflation and the path of interest rates. Incoming US inflation data will add a second variable to that July decision.
A new Fed chair's first congressional testimony often sets the tone for how the market reads monetary policy for months. If Warsh signals a tighter-for-longer stance, rate-sensitive assets like long-duration bonds and growth stocks face pressure. If he leans more dovish than expected, those same assets get a lift.
Two-day Warsh congressional testimony (exact dates not yet confirmed). Next FOMC rate decision: July 2025. Next major US CPI inflation report: mid-July.
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