No Forward-Looking Guidance Needed: Fed Chair Kevin Warsh Just Dropped an Unmistakable Clue About Interest Rates
Yahoo Finance ·
This has been a year of history-making moments for Wall Street. We've watched the Dow Jones Industrial Average ( ^DJI 1.09% ) , S&P 500 ( ^GSPC 0.28% ) , and Nasdaq Composite ( ^IXIC +0.20% ) vault to record highs, witnessed the largest initial public offering in history, and saw an ultra-rare changing of the guard at the Federal Reserve. On May 22, President Trump's handpicked successor to Jerome Powell, Kevin Warsh, was officially sworn in as Fed chair. He's only the 17th head of the central bank since its founding in December 1913. Fed Chair Kevin Warsh at his White House swearing-in ceremony. Image source: Official White House Photo by Daniel Torok. But Warsh's ascent comes at a particularly challenging time for the U.S. economy and Wall Street. Trumpflation (i.e., Trump-driven inflation) pushed the inflation rate to a three-year high of 4.2% in May and has left the Federal Open Market Committee (FOMC) -- the 12-person body, including Fed Chair Warsh, responsible for setting the nation's monetary policy -- at a crossroads. During his swearing-in ceremony at the White House, Warsh made clear that he would reform America's foremost financial institution .
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