Fed policy split and Warsh's credibility under market pressure

Fed held at 3.6% with 9-3 split. Warsh's Sintra speech reinforces hawkish stance but bond market challenges his resolve. New: Fed lack of pushback on long-end surge; Warsh almost welcoming higher yields. Contrarian view: higher yields may enforce fiscal discipline. New: potential reduction in Fed meeting frequency adds structural uncertainty, amplifying yield volatility.