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

Newsquawk Staff · 22 May 2026, 11:50 UTC

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.

What our latest note said

US Market Open, 23 Oct, 10:15 UTC · what it led with

US President Trump says the US crushed Iran, and may want to do it a "little more".
Crude benchmarks firmer on ongoing tensions in the Middle East; recent bout of strength comes after the Houthis launched another missile towards Saudi interests.

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Riksbank maintains its rate at 1.75% as expected; assesses that the probability of a rate increase later this year remains; there is considerable uncertainty and developments call for vigilance
EUR/SEK+0.3%
Norges Bank maintains its rate at 4.25% as expected; may still become necessary to raise the policy rate
EUR/NOK+0.6%
Iran and US talks continue, and reports that the deal is close are wrong.
WTI crude+1.5%

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