In Just 6 Words, Fed Chair Kevin Warsh Took Away Wall Street's Radar -- and Now Investors Are Flying Blind
Jerome Powell's successor removed something that Wall Street and investors have held near and dear since 2003.
Overview
It's been a memorable year for Wall Street, with all three major indexes -- the Dow Jones Industrial Average (DJINDICES: ^DJI), S&P 500 (SNPINDEX: ^GSPC), and Nasdaq Composite (NASDAQINDEX: ^IXIC) -- rocketing to record highs, and the largest initial public offering in history taking shape.
But the most transformative moment is, arguably, the transfer of power at America's foremost financial institution, the Federal Reserve. May 15 marked Jerome Powell's final day as Fed chair, while May 22 was Kevin Warsh's swearing-in ceremony at the White House.
Details
Jerome Powell's successor has wasted little time making his presence felt. Warsh promised to lead a reform-oriented Fed, and he held firm to that promise by taking away something that Wall Street and investors have held near and dear for more than two decades.
Source
Originally published at www.fool.com.