PRIMER - Today’s Fedspeak includes: Waller; Warsh will be sworn in as Fed Chair at the White House

15:00BST/10:00EDT: Fed’s Waller (voter) will give remarks on the economic outlook. Speaking on policy in April before the FOMC meeting, Waller said policymakers must monitor inflation expectations as war risks raise the chance of higher inflation and labour market weakness. He said an unresolved conflict could warrant holding rates steady, while a swift resolution may allow the Fed to look through an energy shock. Waller also noted some low hiring and firing reflected tariff-related caution, said the USD’s reserve status was not under threat, and saw no systemic risk from private credit. Waller has also suggested that the Fed overhauls its regional Fed bank operations by centralising some functions, and favours a broader consolidation model.
16:00BST/11:00EDT: Kevin Warsh to be sworn in as Fed Chair, at a ceremony at the White House. WSJ reports that markets are increasingly bracing for a possible Fed rate hike under Warsh, despite President Trump choosing him to deliver lower rates, with rising inflation, higher bond yields, the Iran war and AI-led demand have complicated rate cut expectations. Warsh has said that he will decide policy on the merits.