Former Fed Chair Jerome Powell Just Took a Jab at President Donald Trump, While Indirectly Leveling With Wall Street About Inflation
The now-former Fed chair's words still hold plenty of weight on Wall Street.
Former Fed Chair Jerome Powell Just Took a Jab at President Donald Trump, While Indirectly Leveling With Wall Street About Inflation
Overview
It's been quite the year for Wall Street and America's foremost financial institution, the Federal Reserve. Since the start of the year, the Dow Jones Industrial Average (DJINDICES: ^DJI), S&P 500 (SNPINDEX: ^GSPC), and Nasdaq Composite (NASDAQINDEX: ^IXIC) have all closed at record levels. As for the Fed, it's under new leadership.
The final day of Jerome Powell's second term as Fed chair was May 15. This paved the way for President Donald Trump's handpicked successor, Kevin Warsh, to take the baton (officially) on May 22. Warsh becomes the 17th head of the Fed since its creation in December 1913, and brings five years of experience (Feb. 24, 2006 – March 31, 2011) as a former member of the Board of Governors to the position.
Details
But this was anything but a normal transition -- and Wall Street has taken notice.
Source
Originally published at www.fool.com.
Related Articles
- 51% of U.S. adults say the American Dream is out of reach for most people right now: CNBC survey
- A massive 16% market swing just rocked South Korea over 24 hours. The retail ‘ants’ holding the wheel are driving dangerously.
- I’m 60, retired with $3 million. My fiancée, 55, has $1 million but plans to work for the next 10 years. Are we compatible?
