WS #7967

The dominant signal in this window is the swearing-in of Kevin Warsh as Federal Reserve Chair, with multiple sources (Reuters, Alpaca, Bluesky) confirming the event and Trump's remarks. Trump emphasized Warsh's independence and the Fed's autonomy, while bond traders are fully pricing in a rate hike this year (Bloomberg, CNBC). This reinforces the hawkish repricing narrative. Separately, Iran appears to be allowing greater passage through the Strait of Hormuz (Al-Monitor), a potential de-escalation signal that could dampen oil supply fears. In corporate news, Frontline CEO says Hormuz chaos supercharged tanker profits (Alpaca), and Microsoft settled a class action with Activision shareholders for $250M (Alpaca). Dell stock hit a 52-week high (Benzinga). The Ebola outbreak in DRC is escalating (Guardian, WHO), but remains low global risk. The stagflation theme is STABLE with the Warsh swearing-in and rate hike expectations, while the Hormuz passage development is a counter-signal to oil supply fears.