SPX: Markets eye on Warsh debutS&P 500SP:SPXXBTFXDuring the first half of the week the S&P 500 continued with its consolidation, reaching the lowest weekly level at 7.245 points. The frenzy regarding the Space X IPO managed to move investors to get back on the market, and close the index higher, at 7.431 on Friday. Markets were also encouraged by easing geopolitical concerns and resilient economic activity, but trading remained cautious ahead of Chair Kevin Warsh's first major policy decision, which will occur on Wednesday, in a week ahead. From a macro perspective, attention remains centered on inflation and monetary policy. While the market broadly expects the Fed to leave rates unchanged next week, investors will closely analyze the statement and press conference for clues regarding the possibility of future rate hikes. Recent inflation data and higher energy prices have reduced expectations for near-term easing, making the Fed's guidance the primary catalyst for the next major move in equities. A more hawkish tone could pressure valuations, while a balanced or dovish message would likely support further upside in the S&P 500. In this sense, we can expect more volatility in the index during the week ahead. Away from macroeconomics, the biggest market story was the historic IPO of SpaceX. The company raised approximately $75 billion in the largest public offering ever, debuting with a valuation near $1.8 trillion before quickly surpassing the $2 trillion mark in market value. Shares surged on the first day of trading as institutional and retail demand significantly exceeded supply. The success of the IPO has provided a fresh boost to risk appetite and could open the door for additional mega-listings later this year, particularly in the artificial intelligence sector. However, some analysts warn that the enormous capital inflow into SpaceX could temporarily divert liquidity away from other areas of the equity market. In summary, Wednesday, June 17th will be a day to closely watch, not only for Fed decisions, but also as the first time appearance of the new Fed Chair after Powell.