Kevin Warsh Sworn In As Fed Chair | Real Yield 5/22/2026

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"Bloomberg Real Yield" highlights the market-moving news you need to know. Today's guests: Societe Generale Americas Head of Research Subadra Rajappa, Franklin Templeton Fixed Income CIO Sonal Desai, Capital Group Fixed Income Asset Class Lead Margaret Steinbach, and Baird Funds Co-Chief Investment Officer Warren Pierson.
 
 Chapters:
 00:00:00 - Real Yield opens
 00:00:31 - Bloomberg's Michael McKee and Nancy Cook
 00:04:22 - Subadra Rajappa: Convincing Committee To Be Dovish Going to Be A Challenge
 00:05:43 - Sonal Desai: Kevin Warsh Most Hawkish Nominee We Had in 20 Years
 00:07:25 - Desai: Give Him the Benefit of the Doubt
 00:09:25 - Rajappa on Current Market Environment 
 00:11:35 - Desai: Outlook is Not Good in US and Developed Markets
 00:13:27 - Rajappa: Fed Going To Keep Policy on Hold
 00:15:00 - Margaret Steinbach: Bonds Will Continue to Act As Defensive Anchor Going Forwards
 00:16:08 - Warren Pierson: Could See the Curve Steepen
 00:17:05 - Steinbach: Finding Opportunities Within Credit Markets
 00:18:02 - Pierson on Credit Spreads
 00:19:15 - Steinbach and Pierson on Credit and AI Debt
 00:25:28 - JPMorgan's Dimon Pushes Back on Mamdani's Tax Plans
 00:27:09 - Muni Supply Propelled By Mega Deals
 00:29:58 - What to Watch Next
 00:30:46 - Final Thought
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