Federal Reserve Chair Kevin Warsh has rejected the use of forward guidance, arguing that markets — not the central bank — should lead interest-rate pricing. Investors have repriced toward earlier and steeper rate hikes, pushing short-end Treasury yields to a one-year high in a single session while the 10-year yield rose and then eased back, flattening the curve. Nine FOMC officials have signaled at least one hike this year, and markets now fully price the first increase for October. The shift marks a major change in how the Fed communicates and has directly hit rate-sensitive assets.