Kevin Warsh, a former Fed governor known for dissenting against post-2008 QE and favoring tighter monetary policy, is stepping into the Fed Chair role and will make his first public remarks on Wednesday. Warsh is widely regarded as more hawkish than his predecessors, and markets have not fully priced in what a sustained hawkish pivot at the top of the Fed could mean for the terminal rate, long-duration assets, and credit spreads.

The debut speech is the first concrete catalyst to gauge tone — whether Warsh signals continuity or an accelerated normalization path will matter enormously for TLT (long-duration Treasuries), rate-sensitive equities like utilities and REITs, and the USD. Watch for language around the Fed's balance sheet, inflation tolerance, and any forward guidance deviation from prior FOMC messaging.