Hike odds rise; Waller signals end to easing bias

Hike bets now 84% for June after Waller calls rate-cut talk 'crazy' and pushes to drop easing bias. Bond markets price zero 2026 cuts. Yields jump as markets reprice higher-for-longer. Warsh's reform agenda may increase volatility. Reuters analysis notes U.S.-German yield spread widening and investors trimming rate cut expectations.