Macro Pilgrim's Ledger | June 21, 2026

Markets massaged the impact of the signing of a Middle East MOU & Warsh's first comments as Fed Chair.

Introduction

The war that had gripped markets since late February finally bent toward peace this week, with Washington and Tehran signing a framework to halt the fighting and reopen the Strait of Hormuz, even as a new and hawkish Federal Reserve told investors in plain language that its next move on rates is more likely to be up than down.