Global Macro Weekly

Oil, Yields, and a New Fed Chair: Week of May 19–23, 2026

Brent crude swung from $112 to $102 and back to $105, pulling Treasuries, FX, and equities with it. The FOMC minutes confirmed a hawkish shift, Kevin Warsh was sworn in as Fed Chair, UK and European PMIs slipped into contraction, and Japan's soft April CPI clouded BoJ hike timing — all while markets start pricing a Fed rate increase by year-end.