U.S. 30-year Treasury yields have surged to their highest level since 2007, driven by escalating U.S.-Iran tensions and rising energy prices. As Kevin Warsh prepares to assume the role of Federal Reserve Chair, he faces pressure from the White House for rate cuts, despite most Fed officials favoring high rates. In a recent interview, Trump expressed support for Warsh, acknowledging the collective decision-making of the Federal Open Market Committee (FOMC). Analysts suggest the White House is bracing for no rate cut in June, as inflationary pressures mount and the labor market remains stable. Former Fed economist Julia Coronado noted the lack of deflation evidence, while JPMorgan's Michael Feroli highlighted the challenges Warsh faces in advocating for rate cuts. Outgoing Chair Powell's continued presence on the Fed Board is expected to further limit Warsh's ability to shift policy quickly.