Fidelity investors warn that the appointment of Kevin Warsh as the new Federal Reserve chair could increase volatility in the bond market, especially after Wednesday's policy decision. His first press conference may shift market expectations on inflation and interest rates. Despite recent relative stability, markets continue to price in the possibility of a rate hike this year, and Treasury securities and swap contracts have already experienced sharp moves due to geopolitical shocks and shifting rate expectations. Portfolio managers say the uncertainty over whether Warsh will adopt a hawkish or dovish stance could quickly reprice financial conditions and reignite market turbulence.