Kevin Warsh has taken over as Federal Reserve chair and has deliberately avoided offering any forward guidance on the interest-rate path. Over the past week, nearly a third of Fed officials have delivered a series of hawkish comments, including Cleveland Fed President Beth Hammack, Minneapolis Fed President Neel Kashkari and Fed governor Christopher Waller, all of whom suggested further hikes could be possible. Markets are reassessing the odds of additional tightening later this year as volatility eases for now. Strategists say the near-zero-guidance approach is unlikely to last and could force longer-term expectations to reset.