Fed Chair Warsh's First Press Conference Turns U.S. Equities Red; S&P 500 Posts Worst Day Since 1994 for New Chair

According to MarketWatch, yesterday (June 17), Kevin Warsh's first post-meeting press conference as Federal Reserve Chair prompted a sharp market reversal. The S&P 500, Dow Jones Industrial Average, Nasdaq Composite, and Russell 2000 turned negative after climbing earlier in the day, marking the worst performance for the S&P 500 on a new Fed Chair's first decision day since 1994. The Fed's statement suggested possible rate increases later this year, reversing earlier market optimism. Federal funds futures currently price near-zero odds of a rate cut by year-end, with U.S. inflation remaining above 4%, far above the Fed's 2% target.
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