The S&P 500 tumbled more than 1% in Wednesday's session, with losses steepening during Warsh' innagural press conference as chair.

Fed Chair Kevin Warsh prepares for first press conference, outlining views on inflation, jobs, and U.S. economic outlook.

Kevin Warsh faces a renewed inflation surge, monetary hawks on the policy committee and big questions about how the major changes he advocates in how the Fed works will play out.

Federal Reserve Chair Kevin Warsh faces his first major policy test as inflation remains elevated and markets await clues on future interest rates. The Fed is expected to keep…