Prediction: Fed Chair Kevin Warsh and the FOMC Will Draw President Donald Trump's Ire by Making a Necessary Policy Adjustment Next Week
Warsh and the Federal Open Market Committee (FOMC) can drive the dagger into Trump's hopes for a rate cut at the June 17 meeting.
Prediction: Fed Chair Kevin Warsh and the FOMC Will Draw President Donald Trump's Ire by Making a Necessary Policy Adjustment Next Week
Overview
It's been an eventful past couple of weeks on Wall Street. The artificial intelligence revolution has lifted the Dow Jones Industrial Average (DJINDICES: ^DJI), S&P 500 (SNPINDEX: ^GSPC), and Nasdaq Composite (NASDAQINDEX: ^IXIC) to new highs, and Wall Street's preeminent financial institution, the Federal Reserve, has a new boss.
Jerome Powell's tenure as Fed chair ended on May 15, paving the way for President Donald Trump's handpicked successor, Kevin Warsh, to take the helm (officially) on May 22.
Details
But while Trump noted at Warsh's White House swearing-in ceremony that he wants "Kevin to be totally independent," this independence could quickly draw the ire of a president who's eager to see interest rates cut, as well as upset a historically pricey stock market.
Source
Originally published at www.fool.com.
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