warsh watch begins

Kevin Warsh is getting attention as a potential Fed chair pick. His previous tenure was marked by aggressive rate hikes in 2018 that triggered the Q4 crypto crash. Warsh is more hawkish than Powell. If he's back in the conversation, the market should start pricing in tighter policy sooner. That's a headwind for risk assets including crypto. I'm watching the 2-year yield today. If it pops above 4.2%, that's the first signal the Warsh premium is being priced in.