Markets resist Trump’s rate-cut push as Warsh’s Fed faces inflation hurdle

Markets are pricing in little near-term relief for rate cuts despite Trump’s push, as incoming Fed Chair Kevin Warsh confronts sticky inflation and higher bond yields; 2-year Treasuries jumped above 4% and longer maturities rose as investors bet the path to cuts will be slower or smaller than hoped, with CPI at 3.8% and Middle East energy tensions adding to price pressures, complicating any easing despite Warsh’s dovish lean.