Warsh takes helm at Fed; 10-year yields hit 4.6%, Bitcoin ETF flows reverse

Kevin Warsh won Senate confirmation May 13 and took office as Fed chair on May 15. His first FOMC meeting is June 16–17. April CPI printed 3.8%—the highest since May 2023—and PPI jumped 1.4% month-over-month, the largest since March 2022. The 10-year yield soared to 4.6%, the 30-year to 5.12%. Spot Bitcoin ETFs posted $1 billion weekly outflows, ending a six-week rally. Bitcoin fell to $79K, Ethereum to $2,160 support.