9 Words From Fed Chair Kevin Warsh That Have Shaken Wall Street to Its Core
President Trump's handpicked successor to Jerome Powell is removing transparency from the central bank -- and that's a big deal for a pricey stock market.
9 Words From Fed Chair Kevin Warsh That Have Shaken Wall Street to Its Core
Overview
The last five weeks have been eventful on Wall Street, to say the least. We've watched the Dow Jones Industrial Average (DJINDICES: ^DJI), S&P 500 (SNPINDEX: ^GSPC), and Nasdaq Composite (NASDAQINDEX: ^IXIC) explode to new highs, witnessed the largest initial public offering in Wall Street's storied history, and saw an ultra-rare changing of the guard at the Federal Reserve. President Donald Trump's handpicked successor to Jerome Powell, Kevin Warsh, is now leading the charge.
Yesterday, June 17, marked Warsh's first meeting as head of the Federal Open Market Committee (FOMC) -- the 12-person body, including Warsh, responsible for setting the nation's monetary policy. While several aspects of this meeting went according to expectations, one nine-word comment from the new Fed chair has shaken Wall Street to its core.
Fed Chair Kevin Warsh delivering remarks. Image source: Official Federal Reserve Photo.
Details
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Originally published at www.fool.com.
