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MIB: The Cut Consensus Is Dead — Can Warsh’s Fed Avoid a Hike Without a Bond Market Tantrum?

April CPI hit 3.8% — hottest since May 2023 — eliminating all 2026 cut bets and lifting hike odds to 30%; QCOM crashed 11.5% as Monday’s record highs evaporated. WTI settled at $102/bbl (+4.1%) with Goldman warning on downstream product shortages from naphtha to aviation fuel. Goolsbee explicitly tabled rate hikes; Warsh’s Fed Chair vote is Wednesday. UNH’s EPS beat (+9.7%) lifted Healthcare to S&P top sector. $166B in tariff refunds began flowing back to Walmart, Target, and Nike.

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