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Stocks fell and bond yields spiked on new Fed chairman Kevin Warsh's policy committee debut Wednesday afternoon.
Why it matters: Investors read the vibe as surprisingly hawkish — the yield on the two-year Treasury note rose after the Fed released its policy statement at 2pm, a sign that the market is pricing in rate hikes.
Between the lines: President Trump wanted someone at the helm who would cut rates, but inflationary pressures are pushing the Fed in a different direction.
