SPX: Warsh debut pressured marketsS&P 500SPCFD:SPXXBTFXThe S&P 500 came under significant pressure following the first FOMC meeting chaired by Kevin Warsh. While the Federal Reserve left interest rates unchanged, markets reacted negatively to the Fed's updated projections and Warsh's emphasis on restoring price stability. Policymakers signaled that further monetary tightening remains possible if inflation fails to moderate, prompting investors to reassess expectations for future rate cuts. The S&P 5000 came under pressure after the meeting, dropping down to the level of 7.410. Friday posted some gains, returning the index toward the 7.500 level, but still the index remained under pressure. On the macroeconomic front, U.S. data continued to point to resilient demand. Retail sales exceeded expectations, supporting the view that consumer spending remains strong despite elevated borrowing costs. Combined with persistent inflation concerns, stronger economic activity reinforced the market's perception that the Fed may need to maintain restrictive policy for longer. As a result, Treasury yields moved higher and risk appetite weakened across equity markets. The S&P 500 declined roughly 1.2% on the day of the Fed decision, with all major sectors finishing in negative territory as investors adjusted to a higher-for-longer interest rate outlook. Going forward, upcoming inflation indicators, particularly PCE data, are likely to remain the key catalyst for the S&P 500, as markets continue to evaluate whether inflation pressures justify additional tightening from the Federal Reserve.