WS #7640

The dominant narrative in this window is the confirmation that Kevin Warsh will be sworn in as Federal Reserve chair on Friday, May 22, in a ceremony hosted by President Trump at the White House. This is corroborated by multiple sources (CNBC, Fox Business, Reuters, and several Bluesky posts). The transition is now on a firm timeline, which reduces uncertainty around Fed leadership. Separately, the Trump administration's creation of a $1.7-1.8 billion 'Anti-Weaponization Fund' via an IRS settlement is generating significant political noise, but its direct market impact is limited. On the geopolitical front, Iran is hardening its stance on Hormuz transit fees after the US-China summit, while a US official denied Iranian claims that Washington agreed to lift oil sanctions. This keeps oil supply risk elevated. In corporate news, Dell Technologies added 1,000 AI server customers in Q1, now serving 5,000 clients, reinforcing the AI infrastructure buildout theme. BlackRock's IBIT ETF sold 2,221 BTC, breaking a six-week buying streak, which is a bearish signal for Bitcoin. Bitcoin Depot filed for Chapter 11 bankruptcy, a negative for crypto sentiment. European airlines stated jet fuel supply is under control for summer, which may ease some airline cost concerns. The narrative arc is STABLE for the Fed transition, ESCALATING for Iran/Hormuz tensions, and MIXED for crypto.