The Probability of a Federal Reserve Rate Hike Is Soaring, Which Poses a Serious Problem for Wall Street
Half of the Federal Open Market Committee (FOMC) members expect interest rates to rise before the year ends.
Overview
The last two months have been packed with history-making moments on Wall Street. We've watched the Dow Jones Industrial Average (DJINDICES: ^DJI), S&P 500 (SNPINDEX: ^GSPC), and Nasdaq Composite (NASDAQINDEX: ^IXIC) climb to record highs, and witnessed the largest initial public offering, courtesy of Space Exploration Technologies (SpaceX).
But perhaps the most noteworthy moment was the changing of the guard at the central bank. Jerome Powell's term as Fed chair ended on May 15, and his successor, Kevin Warsh, officially took the lead role at the Federal Reserve on May 22. Warsh became only the 17th Fed chair since the central bank was created in December 1913.
Fed Chair Kevin Warsh has pledged to reform the central bank. Image source: Official White House Photo by Daniel Torok.
Details
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Originally published at www.fool.com.
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