10 Terrifying Words From Fed Chair Kevin Warsh at Jackson Hole Have Spooked Wall Street
Investors who wanted more clarity on interest rates from the nation's central bank just received it.
Overview
This has been a historic year for Wall Street in several respects. We've watched the Dow Jones Industrial Average (DJINDICES: ^DJI), S&P 500 (SNPINDEX: ^GSPC), and Nasdaq Composite (NASDAQINDEX: ^IXIC) claim several record-closing highs, and witnessed the largest-ever initial public offering take shape, courtesy of Elon Musk's Space Exploration Technologies (SpaceX).
But a strong argument can be made that Kevin Warsh becoming only the 17th head of the central bank since its December 1913 inception is an even bigger deal.
Details
President Donald Trump's handpicked successor to Jerome Powell has wasted little time enacting reforms since his May 22 swearing-in ceremony. In particular, he's done away with forward-looking guidance in Federal Open Market Committee (FOMC) meeting statements, which had been a staple for more than two decades.
Source
Originally published at www.fool.com.