By Joseph Adinolfi and Joy Wiltermuth
In his first press conference as Fed chair, Kevin Warsh staked out a surprisingly aggressive stance on interest rates and inflation. 'President Trump got duped,' says one Wall Street economist.
Stocks sold off on Wednesday as Fed Chair Kevin Warsh delivered his first press conference at the central bank's helm.
U.S. stocks stumbled on Wednesday, adhering to a long tradition of weak performance in the aftermath of a new Federal Reserve chair's first meeting at the helm of the central bank.
Inflation has persisted above the Federal Reserve's 2% target for five years. When new Fed Chair Kevin Warsh stepped up to the lectern inside the Eccles Building in Washington for the first time on Wednesday, he emphasized that, under his leadership, restoring stable prices would be a top priority for the world's most influential central bank.
