David Doyle of Macquarie Group warns that the Fed’s easing bias is fading as sticky inflation and internal dissent raise the odds of another rate hike. He breaks down what Jerome Powell staying on the Board could mean amid a looming leadership transition and why markets may be underestimating the Fed’s resolve. Doyle also points to resilient consumer spending at companies like Starbucks (SBUX) and Chipotle (CMG) as evidence that demand destruction has yet to arrive, even as energy prices threaten to push inflation higher.