Fed Chair Kevin Warsh Dropped a Bombshell at the FOMC Meeting -- and It's What He Didn't Say That Matters Most
A key phrase was missing in the latest Federal Open Market Committee (FOMC) statement, and it has massive implications for the stock market.
Fed Chair Kevin Warsh Dropped a Bombshell at the FOMC Meeting -- and It's What He Didn't Say That Matters Most
Overview
Over the last three weeks, Wall Street has witnessed the Dow Jones Industrial Average (DJINDICES: ^DJI), S&P 500 (SNPINDEX: ^GSPC), and Nasdaq Composite (NASDAQINDEX: ^IXIC) catapult to new highs, the debut of the largest-ever initial public offering (IPO), and a new Fed chair take the podium for the Federal Open Market Committee (FOMC). The FOMC is the 12-person body responsible for setting the nation's monetary policy.
After more than a year of public feuding over interest rates between President Donald Trump and now-former Fed Chair Jerome Powell, Trump's chosen successor to Powell, Kevin Warsh, was sworn in on May 22. Warsh entered last week's FOMC meeting with big shoes to fill, amid a three-year high for U.S. inflation.
Details
While some aspects of Warsh's inaugural meeting as Fed chair went as expected, something big was missing -- and it has massive implications for Wall Street.
Source
Originally published at www.fool.com.
