WS #7971

Kevin Warsh was officially sworn in as Federal Reserve Chair on May 22, with multiple sources (Al Jazeera, NYT, Axios, MarketWatch) confirming the event. Trump told Warsh to be 'totally independent,' but Treasury Secretary Bessent said Warsh 'will do the right thing' on rates, reinforcing hawkish expectations. The Strait of Hormuz closure remains a key geopolitical risk, with oil flows cut by over 10% and Brent above $109, though regional mediators (Pakistan army chief in Tehran) are trying to save the US-Iran ceasefire. The US has withdrawn from Ukraine peace negotiations, and NATO tensions are rising as Trump expresses disappointment with allies. On the corporate front, Uber is reportedly studying a full takeover of Delivery Hero, sending Uber shares lower. Waymo suspended freeway driving nationwide, a negative for GOOGL. Nvidia crushed earnings but faces AI chip supply constraints. Zoom Video Communications (ZM) surged over 5% on strong Q1 earnings. Intel is eyeing Tenstorrent acquisition for AI chips. Anthropic hit a $900B valuation, with potential IPO implications. The dominant narrative is the Warsh swearing-in and hawkish rate expectations, which is ESCALATING as markets price in rate hikes. The IEA's reserve release offer acts as a counter-signal to oil supply fears, dampening the bearish energy/index signal.