WS #7968

The dominant signal in this window is the formal swearing-in of Kevin Warsh as Federal Reserve Chair, confirmed by multiple sources (Reuters, NBC, MarketWatch, Seeking Alpha, Alpaca, Bluesky). Trump emphasized Warsh's independence and full administration support, while Warsh stated he will lead a reform-oriented Fed, learn from past mistakes, and believes inflation can be lower with strong growth. Bond traders are fully pricing in a rate hike this year (Bloomberg, CNBC), reinforcing the hawkish repricing narrative. The Warsh swearing-in and rate hike expectations are ESCALATING the stagflation theme. Separately, Ukraine drone strikes on Russian refineries (Syzran, Yaroslavl) add supply-side pressure to oil markets, while Frontline CEO confirms Hormuz chaos supercharged tanker profits (Benzinga, Alpaca). In corporate news, Microsoft settled a class action with Activision shareholders for $250M (Alpaca), and Dell stock hit a 52-week high (Benzinga). The Ebola outbreak in DRC is escalating (Guardian, BBC), but remains low global risk. The CFPB deleted 15 years of data from its website (Bluesky), a regulatory signal. The SpaceX IPO narrative continues with Nasdaq methodology changes (Bluesky).