New Fed Chair Kevin Warsh holds rates steady but signals a hawkish stance at his first FOMC meeting, rattling equities and pushing Treasury yields higher.

Rising inflation and the bond markets are telling the Fed to raise rates. The guy in the White House is demanding cuts.

Kevin Warsh's first FOMC meeting as Fed chair on June 16-17 arrives with stocks near records, inflation above 2%, and his crypto-heavy portfolio making