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Kevin Warsh opened his first press conference as Federal Reserve chair with an unexpectedly hawkish posture on interest rates and inflation, catching investors off guard and sending ripples across multiple asset classes.
Stocks, bonds, gold and the dollar all registered moves in response to his remarks.
A Curveball From the New Chair Warsh's tone surprised markets, which had not anticipated the degree of aggression he signaled on monetary policy in his inaugural public appearance at the helm of the Fed.
The breadth of the market reaction — spanning equities, fixed income, commodities and currencies — reflected how sharply his comments diverged from investor expectations heading into the press conference.
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