President Trump will preside over the swearing-in ceremony for the new Federal Reserve Chair, Kevin Warsh, at the White House, while Jerome Powell will remain a member of the Board of Governors. Interest-rate-sensitive financial institutions, such as JPMorgan Chase, will closely monitor policy signals. Warsh is known for his hawkish stance, and the market expects him to more aggressively reduce the balance sheet compared to his predecessor. This balance sheet reduction will directly decrease market liquidity, posing a headwind for risk assets. Meanwhile, conflicts in the Middle East are driving up energy prices, complicating the inflation outlook. Investors are assessing how the policy mix under the Warsh era will impact economic growth and corporate valuations.