Michael Reinking, NYSE Senior Market Strategist, recaps a pivotal week marked by a major Fed leadership transition and evolving policy tone. The FOMC held rates steady, but Chair Kevin Warsh signaled a more hawkish shift, removing forward guidance and emphasizing a renewed focus on price stability. Markets reacted with a flatter yield curve and increased volatility, while futures began pricing in potential rate hikes later this year. Meanwhile, an Iran agreement and declining oil prices helped support equities, with tech and AI stocks rebounding strongly into week’s end. Attention now turns to incoming economic data, liquidity events, and how investors adapt to a more uncertain and less accommodative Fed backdrop.