SPX7,580.06+0.22%DJIA51,032+0.72%COMP26,973+0.20%RUT2,919.34-0.59%CL$87.76-1.28%GC$4,569.90+1.57%DX98.94-0.08%VIX15.32-2.67%Fed Funds4.50%HOLD10Y4.287%-0.031CPI Y/Y2.8%-0.1%Core PCE2.7%-0.1%Unemp4.2%0.0NFP+150kMayGDP Q/Q+2.6%Q1Retail+0.4%M/MSPX7,580.06+0.22%DJIA51,032+0.72%COMP26,973+0.20%RUT2,919.34-0.59%CL$87.76-1.28%GC$4,569.90+1.57%DX98.94-0.08%VIX15.32-2.67%Fed Funds4.50%HOLD10Y4.287%-0.031CPI Y/Y2.8%-0.1%Core PCE2.7%-0.1%Unemp4.2%0.0NFP+150kMayGDP Q/Q+2.6%Q1Retail+0.4%M/M

Fed Chair Warsh Faces His First Bond Market Test as Energy Inflation Clouds Rate Path

ByON1010 Research Posted onMay 15, 2026 at 6:01 AM EDT Reading Time: 3 minutes

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The Opening Bell

The bond market just handed Kevin Warsh his baptism by fire as Fed chair, and it’s not letting up. With 10-year yields stuck at 4.46% for two straight days after a week of climbing, traders are betting the new Fed leadership is behind the curve on energy-driven inflation. Oil holding near $101 isn’t helping the case for rate cuts anytime soon.

Market Snapshot

Fed Funds Target Range: 3.75%

10-Year Treasury: 4.46%

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