In 6 Words, Fed Chair Kevin Warsh Just Dropped the Hammer on Wall Street
Warsh made his intentions clear -- and it's not the best news for an expensive stock market.
In 6 Words, Fed Chair Kevin Warsh Just Dropped the Hammer on Wall Street
Overview
Over the last six weeks, investors have been privy to the tail-end of earnings season, the largest initial public offering (IPO) in history, and have witnessed the Dow Jones Industrial Average (DJINDICES: ^DJI), S&P 500 (SNPINDEX: ^GSPC), and Nasdaq Composite (NASDAQINDEX: ^IXIC) rocket to record highs. But arguably, no event has been more meaningful than the changing of the guard at the Federal Reserve.
May 15 marked Jerome Powell's final day as Fed chair, while May 22 was the official swearing-in ceremony of his successor, Kevin Warsh. Given that Warsh was a former Federal Open Market Committee (FOMC) member (Feb. 24, 2006 – March 31, 2011), he brought some level of experience to the position.
Fed Chair Kevin Warsh at his first post-FOMC meeting press conference. Image source: Official Federal Reserve Photo.
Details
Source
Originally published at www.fool.com.
