Kevin Warsh held his first press conference as Chair of the Federal Reserve, and he used the debut to push back against the market's expectation of summer rate cuts. The read coming out of that room was unmistakably hawkish — a Fed in no hurry to ease, signaling that it intends to keep policy tight until it is convinced the inflation fight is finished. The dollar firmed in response, real yields pressed higher, and the rate-sensitive corners of the commodity complex — precious metals first and foremost — took the brunt of it. Gold, silver, and platinum all closed the week lower.