Wosh just took office and immediately faced energy inflation and war costs, making the difficulty level of this start extremely high.

Wash officially takes over as Federal Reserve Chair, Iran war pushes up energy and transportation costs, inflationary pressures persist. Waller hawkish stance states that inflation is policy-driven, with future rate hikes and cuts happening simultaneously, and the market has priced in a 25 basis point increase. Wash will chair the FOMC for the first time in June; if no rate hike occurs, it will be seen as a dovish signal, while long-term yields remain under pressure from supply and debt cycle factors. Political pressure exists, but the market still views inflation as the most urgent issue currently, and the new chair faces a challenging task.