Kevin Warsh Takes the Reins at the Fed and Immediately Does Nothing
The new Federal Reserve chair just held his first meeting, and the interest rates are still exactly where they were yesterday.
So, Kevin Warsh finally sat in the big chair for his debut meeting at the Federal Reserve. Everyone was holding their breath to see if the new guy would shake things up, but he decided to keep the status quo. Rates are staying put, and the Fed is basically saying they’re still watching inflation like a hawk while ignoring the chaos in the Middle East.
Markets immediately threw a little tantrum because, apparently, investors love a surprise. The Dow, S&P 500, and Nasdaq all took a hit, and Treasury yields started creeping up because traders are now convinced rates might go higher later. It is a classic case of new boss, same old headaches.
The market hates certainty almost as much as it hates uncertainty, and Warsh just gave them a double dose of both.
Source: UPI
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