Warsh's AI-driven easing thesis meets a bond market running on structural deficits and depleted reserves, setting up the most consequential yield curve trade of 2026.

Bond traders price in over 70% odds of a Fed rate hike by December 2026 as Kevin Warsh takes over as chair amid persistent inflation above 2%.

Warsh's AI-driven easing thesis meets a bond market running on structural deficits and depleted reserves, setting up the most consequential yield curve trade of 2026.