CNBC's "Fast Money" Trump Picks Kevin Warsh For Fed Chair… And Big Tech’s AI Spending 1/30/26
Jan 30, 2026
Rick Sherland, cloud and AI infrastructure expert, breaks down big tech capex and cloud limits. Mike Coe, market trader and options strategist, shares trading angles and volatility takes. David Zervos, macro and fixed-income strategist, reviews rate and bond dynamics. Tim Seymour, veteran investor, gives thematic market and trading perspective. They discuss the Fed pick’s market impact, AI spending, cloud capacity, and trading reactions.
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Market Unsure Which Warsh Will Lead
- Kevin Warsh's nomination creates uncertainty about whether he'll cut rates or remain hawkish given his history and market pricing.
- Markets and bond yields suggest investors may expect a more hawkish Warsh than Trump's rate-cut hopes.
Bond Market Will Constrain Fed Moves
- Futures priced modest rate cuts after Warsh was named, but the Treasury and bond market will constrain him.
- Kevin Warsh's market experience means he can't move policy far beyond what markets and his committee allow.
Market Pricing Vs. Economic Reality
- Markets priced a June and December rate cut scenario, reflecting investor hopes rather than certainty.
- A strong U.S. economy would make deep or fast cuts unlikely despite presidential pressure.