For much of 2026, investors have been waiting for US interest rates to fall.

After Federal Reserve Chair Kevin Warsh’s hawkish Jackson Hole debut, should they be preparing for another hike instead?

Michelle Martin speaks with Simon Ree, Founder of Tao of Trading, about what Warsh’s inflation-first message could mean for the Fed’s next move, why Christopher Waller could provide the next important signal, and where a renewed higher-rate environment could hit Treasuries, the US dollar, equities and the Singapore dollar. 

Plus, why does Simon like the Health Care Select Sector SPDR Fund (XLV), what are the risks, and why might Singapore investors consider the Ireland-domiciled IUHC instead?