Federal Reserve Chair Kevin Warsh said at a central bank conference in Sintra, Portugal, that the Fed will remain independent and is committed to bringing inflation back to its 2% target. He rejected President Donald Trump’s push for rate cuts, saying policy would not be swayed by day-to-day politics. His tone marked a more hawkish shift from last year, prompting markets to price in higher odds of a September rate hike. Fed funds futures imply a path rising from about 3.6% to roughly 3.9%.

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Federal Reserve officials including Kevin Warsh, Austan Goolsbee and Beth Hammack said in public remarks tied to an ECB forum and interviews that inflation remains too high, pointing to higher oil prices from the recent Iran conflict as a key driver and suggesting rates could rise further. Fresh inflation data showed transportation and energy costs continuing to weigh on prices, while services inflation has improved slightly but remains well above the Fed’s 2% goal. The comments reinforced expectations that the Fed will keep rates high and could tighten again. That outlook has provided direct support for commodities, especially crude oil.

SharonAI Holdings (SHAZ) shares fell 6.57% to $79.10 in a single session. The drop followed a Bloomberg report that Meta is advancing an internal “Meta Compute” initiative that could sell AI model access and surplus GPU computing capacity to external customers. Investors see a potential direct challenge to SHAZ’s AI infrastructure-as-a-service business and its pricing power as the company pursues a recently announced $1.6 billion financing for expansion in Australia and Asia-Pacific.

On July 1, spot gold climbed 2.1% to $4,089.49 per ounce, a near six-month high, while silver, platinum and palladium rose 2.8%, 3.1% and 1.6%, respectively. The move followed an ADP report showing U.S. private payrolls rose by 98,000 versus forecasts of 118,000, alongside Federal Reserve Chair Kevin Warsh saying inflation expectations and risks have eased, according to Reuters. Lower Treasury yields boosted demand for non-yielding precious metals. Markets are awaiting Thursday’s U.S. nonfarm payrolls report.

US stocks weakened after the June ADP employment change rose by +98,000, below expectations of +120,000. Chipmakers and AI infrastructure shares led declines, with ARM down more than 4%, Intel more than 3%, Micron more than 5%, and SanDisk more than 7%. Markets also stayed under pressure after Fed Chair Warsh offered no guidance on the interest-rate outlook at a meeting of central bankers in Portugal. Meta rose more than +7% after saying it is developing plans for a cloud infrastructure business to sell access to AI computing power and models.

Federal Reserve Chair Kevin Warsh said at a central bank conference in Sintra, Portugal, that the Fed will remain independent and will not tolerate inflation above its 2% target. He said the central bank’s decisions would not be swayed by day-to-day politics, a stance that could shut the door on the rate cuts President Donald Trump has sought. Warsh also declined to outline specific next steps to fight inflation, consistent with his opposition to “forward guidance.”

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