Woofun AI reports that UBS characterized the inaugural FOMC meeting under Chair Kevin Warsh as distinctly hawkish, while cautioning that current market expectations for interest rate increases this year are likely overstated. The bank projects the Federal Reserve will maintain the federal funds rate within the 3.50% to 3.75% band for the rest of the year, recommending investors boost exposure to short- and medium-duration high-quality bonds to secure prevailing yields.