Fed Chair Kevin Warsh Dropped a Bombshell at the FOMC Meeting -- and It's What He Didn't Say That Matters Most
A key phrase was missing in the latest Federal Open Market Committee (FOMC) statement, and it has massive implications for the stock market.
Overview
Over the last three weeks, Wall Street has witnessed the Dow Jones Industrial Average (DJINDICES: ^DJI), S&P 500 (SNPINDEX: ^GSPC), and Nasdaq Composite (NASDAQINDEX: ^IXIC) catapult to new highs, the debut of the largest-ever initial public offering (IPO), and a new Fed chair take the podium for the Federal Open Market Committee (FOMC). The FOMC is the 12-person body responsible for setting the nation's monetary policy.
After more than a year of public feuding over interest rates between President Donald Trump and now-former Fed Chair Jerome Powell, Trump's chosen successor to Powell, Kevin Warsh, was sworn in on May 22. Warsh entered last week's FOMC meeting with big shoes to fill, amid a three-year high for U.S. inflation.
Details
While some aspects of Warsh's inaugural meeting as Fed chair went as expected, something big was missing -- and it has massive implications for Wall Street.
Source
Originally published at www.fool.com.