Market data not provided in this commentary.
The newsletter focuses on Fed Chair nominee Warsh's upcoming Senate testimony rather than specific Treasury moves. Market impact from Tuesday's hearing expected to be minimal unless he makes unexpectedly hawkish comments on balance sheet reduction.
Warsh's confirmation hearing won't move markets much — his prepared testimony was deliberately bland, sticking to safe talking points about Fed independence (Politico). The real catalyst will be the US-Iran meeting in Pakistan, not whatever carefully scripted answers Warsh delivers to senators. Expect him to sound dovish on rates while being vague on timing, dismissing oil and tariff impacts as temporary while leaning on the AI productivity story.
• US-Iran meeting scheduled in Pakistan represents a more significant market catalyst than domestic Fed nomination proceedings (Politico)
• White House/DOJ investigation into Powell and the Fed creating political complications, with Sen. Tillis threatening to block Warsh's confirmation until the probe is dropped
No individual company news reported.
APR 22 — Warsh Senate confirmation hearing testimony and Q&A session
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