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Kevin Warsh will be sworn in as the new chair of the US Federal Reserve on Friday, succeeding Jerome Powell. His arrival coincides with a significant drop in rate cut expectations, with only a 38.2% chance of cuts by 2026. Warsh is perceived as more hawkish on inflation, which contrasts with President Trump's push for immediate rate cuts. His first major policy test will be at the June 16 Federal Open Market Committee meeting, amid concerns about potential conflicts of interest due to his investments in AI and crypto companies.

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Market News: Kevin Warsh Takes Over as Fed Chair Friday as Rate Cut Hopes Hit Historic Lows

Kevin Warsh has been confirmed as the new chairman of the US Federal Reserve. While he asserts commitment to the Fed's independence, concerns arise about potential government influence. Warsh has criticized the Fed's interest rate strategies, reflecting some of President Trump's views, which may impact bond investors.

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What bond investors should know about a Warsh-led Federal Reserve

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A Bank of America survey indicates that global fund managers have raised their stock allocations in May, reaching a new high. This shift in investment strategies suggests increased confidence in the stock market.

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Global Fund Managers Increase Stock Allocations in May

April inflation surged to 3.8%, exceeding wage growth and diminishing workers' spending power. As a result, 53% of Americans with side hustles report they rely on these earnings, averaging $1,275 monthly, to cover essential expenses. This trend is evident in West Michigan, where residents are starting various ventures, indicating a national shift towards supplemental income.

- April inflation reached 3.8%, outpacing average wage growth and diminishing workers' purchasing power for the first time in three years.  
- A study found that 53% of Americans with side jobs rely on them to cover essential expenses, earning an average of $1,275 monthly.  
- The trend is illustrated locally in West Michigan, where residents are starting businesses ranging from woodworking to dog sitting, aligned with a national shift towards supplemental income.

Inflation surge pushes more Americans into side hustles

The Great American Squeeze of 2026 highlights the economic struggles faced by Americans due to rising costs of living, with consumer sentiment at a 74-year low. While the wealthy benefit from a booming stock market, middle and lower-income families are increasingly burdened by debt and inflation, leading to a K-shaped economy where the divide between the rich and poor widens. This situation may signal the onset of a recession as lower-income households cut back on spending.

- The article highlights the economic struggles of American consumers facing rising costs amid stagnant wages, creating a K-shaped economic divide.  
- While wealthier households benefit from stock market gains, middle- and lower-income families increasingly rely on credit to manage basic expenses, leading to financial distress.  
- Experts warn that without significant wage growth, the economic squeeze on lower-income households will worsen, exacerbated by geopolitical tensions affecting energy prices.

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The Great American Squeeze Of 2026

The National Association of Home Builders Housing Market Index increased to 37 in May from 34 in April, despite rising mortgage rates and economic uncertainty. The New York Federal Reserve's business leaders index improved to minus 5.8 in May from minus 14.0 in April, indicating a slower contraction in services. Further services data will be released soon.

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Daily Roundup of Key US Economic Data for May 18

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Kevin Warsh will be sworn in as the U.S. Federal Reserve chair on Friday by President Trump, succeeding Jerome Powell. Warsh's confirmation faced delays due to a criminal probe involving Powell. He takes charge amid rising inflation, influenced by Trump's tariffs and geopolitical tensions. Warsh's first rate-setting meeting is in mid-June, where he may confront pressures for a more hawkish stance on monetary policy as inflation concerns grow.

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Warsh to be sworn in as Fed chair at White House on Friday

As Fed Chair, Kevin Warsh will help steer the entirety of the American economy — and, as a result, your wallet and your bills.

How the new Fed chair could affect your monthly bills (even if you don’t follow finance)

Economist Justin Wolfers cautioned that ongoing Middle East tensions could pose political risks for Republicans ahead of the November midterm elections, as rising oil prices and Treasury yields pressure the U.S. economy. He questioned when Congress would intervene to protect their positions, noting that the conflict has led to significant oil supply losses and increased inflationary conditions.

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Justin Wolfers Warns 'Mess' In Middle East Will Continue Through The Midterms, Wonders If Republicans In Congress Will 'Step In' To Save Their Jobs

The Federal Reserve's survey reveals a disconnect between Americans' financial stability and their pessimism about the national economy. While 73% feel financially secure, only 25% rate the economy positively. Concerns about job security and inflation are rising, particularly among younger households. The survey indicates that traditional economic indicators may not fully reflect consumer sentiment, highlighting the importance of understanding clients' psychological outlook amidst ongoing economic uncertainty.

Fed Report: Americans Feel Worse About the Economy — But Keep Spending

Dow Jones U.S. Index(.DJUS.US)

Market News: Kevin Warsh Takes Over as Fed Chair Friday as Rate Cut Hopes Hit Historic Lows

What bond investors should know about a Warsh-led Federal Reserve

Global Fund Managers Increase Stock Allocations in May

Inflation surge pushes more Americans into side hustles

The Great American Squeeze Of 2026