2 Words From Fed Chair Kevin Warsh Sent the Stock Market Tumbling, and This May Be Just the Beginning
The head of the Fed's choice of words when describing elevated inflation should rightly worry Wall Street and investors.
Overview
This is arguably the most important week of the third quarter for the stock market. In addition to it being the busiest week of earnings season, the Federal Reserve weighed in on interest rates, inflation, and the state of the American economy today, July 29.
While earnings reports have undeniably played a role, the Dow Jones Industrial Average (DJINDICES: ^DJI), S&P 500 (SNPINDEX: ^GSPC), and Nasdaq Composite (NASDAQINDEX: ^IXIC) precipitously declined after Fed Chair Kevin Warsh and the Federal Open Market Committee (FOMC) delivered their decision to leave interest rates steady.
Fed Chair Kevin Warsh delivering remarks. Image source: Official Federal Reserve Photo.
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Originally published at www.fool.com.