TODAY: WARSH TAKES THE FED CHAIR. HISTORY SAYS DAY 1 STARTS RED.
Every new Fed Chair since 2006 has seen markets open lower on their first day.
Day 1 performance:
Bernanke: -2.2%
Yellen: -0.9%
Powell: -4.1%
One year later:
Bernanke: +13.3%
Yellen: +13.0%
Powell: -1.3%
Markets do not reject new Fed chairs. They make them earn credibility.
#bullish
Every new Fed Chair since 2006 has seen markets open lower on their first day.
Day 1 performance:
Bernanke: -2.2%
Yellen: -0.9%
Powell: -4.1%
One year later:
Bernanke: +13.3%
Yellen: +13.0%
Powell: -1.3%
Markets do not reject new Fed chairs. They make them earn credibility.
#bullish