The situation is grim: This is the worst "welcome gift" for the new Federal Reserve Chair. Kevin Warsh officially takes over this week, and the result: 📈 CPI surges to 3.8%, hitting a 3-year high. 📈 Core CPI jumps to 2.8%, reaching an 8-month high. Trump wants to cut interest rates, and Warsh also wants to cut rates, but the inflation data has poured cold water on that idea: no way. Currently, the probability of rate cuts has fallen below 3%; the probability of rate hikes has soared above 35%.

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