Mike Townsend and Cooper Howard discuss reports that the DOJ may drop its criminal investigation into Fed Chair Jerome Powell, easing a key hurdle for Kevin Warsh’s confirmation ahead of next week’s FOMC meeting. They note continued resilience in U.S. economic data despite geopolitical tensions and higher energy prices. Howard cautions that elevated oil prices could keep upward pressure on long‑term bond yields as markets look ahead to an eventual Fed leadership transition.