May 3, 2026, 5:47 AM EDT. The impending appointment of Kevin Warsh as Federal Reserve chair is poised to shake fixed-income markets before equities react. Investors often focus on stocks, but bonds could see early volatility in treasury yields, duration risk, and credit spreads as markets digest possible shifts in rate policy and inflation targeting. JPMorgan CEO Jamie Dimon flagged concerns about an overdue credit crisis, underscoring risks in credit markets. Despite the Fed holding rates steady at 3.5%-3.75%, inflation remains above the 2% target. Market watchers urge caution, noting that Fed transitions often lead to fast-moving reactions in bond markets as participants price in new monetary policy directions.