With Just 6 Words, Fed Chair Kevin Warsh Demolished Expectations. "It's Hard to Believe," Says President Trump.
The new Fed chair signaled a major policy shift, and not everyone was happy.
Overview
Late last week, new Federal Reserve Chair Kevin Warsh led his first meeting of the agency that sets monetary policy and is tasked with controlling inflation.
Although Warsh previously served on the Fed's Board of Governors from 2006 to 2011, his nomination for the top job was contentious. Critics worried that he would defer to President Trump's wishes and cut interest rates, regardless of the impact those cuts might have on inflation.
Details
But in a six-word statement, Warsh sent a clear message to his critics, to the markets, and to President Trump, who expressed disbelief. Here's what he said and what it means for investors.
Source
Originally published at www.fool.com.
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