FedWatch's Ben Emons reacts to shake up in Fed Chair race

Summary

Ben Emons of FedWatch Advisors reacts to the shake-up in the race for the next Fed chair, with Kevin Warsh emerging as front-runner. Emons argues Warsh's hawkish balance-sheet stance can push long-term Treasury yields higher even if the Fed resumes rate cuts. A Fast Money host says Fed independence concerns support a bullish gold view.

• Kevin Warsh is seen as the new front-runner for Fed chair.
• Warsh is viewed as more hawkish on the Fed's balance sheet than Kevin Hassett or Rick Rieder.
• Treasury yields rose as markets reacted to the Fed chair race.
• Ben Emons expects the Fed to resume rate cuts but sees long-term rates rising.
• Fed independence and credibility concerns are cited as a reason to be bullish gold.
• Gold and the dollar were noted as assets sensitive to the Fed chair uncertainty.