Sparks From The Warsh Fed

2026-07-05 09:00:00 ET

Real Estate Weekly Outlook

U.S. equity markets advanced in a choppy holiday-shortened week, as softer employment data eased fears of a more aggressive Fed tightening path, while oil prices continued to retreat as Strait of Hormuz traffic partially normalized. Tanker-tracking data showed continued flows through the critical chokepoint despite the tit-for-tat military exchanges over the prior weekend, helping to ease fears of a renewed supply disruption. Interest rates pushed higher, however, after hawkish comments from Fed Chair Kevin Warsh, who said he was forming a task force to evaluate whether the Fed should reduce its large Treasury holdings - raising fresh concerns over Treasury demand and term premium. The uplift in rates came despite relatively soft employment data, with the nonfarm payrolls report showing cooling job growth in June, while downward revisions took the shine off the recent run of stronger jobs reports....

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