Kevin Warsh Begins First 90 Days as Fed Chair Amid Century-Long S&P 500 Decline Streak

SPX500-0.46%
Kevin Warsh chairs his first Federal Open Market Committee meeting today (June 17), marking the start of a crucial 90-day period. According to historical data spanning nearly a century, every new Federal Reserve Chair has experienced an S&P 500 decline during their first three months in office—a trend spanning twelve different leaders with an average drawdown of approximately 12%. The largest decline occurred under Alan Greenspan at roughly 33%, while Ben Bernanke recorded the smallest at 2%. Whether Warsh breaks this historical pattern or follows it remains one of Wall Street's most closely watched questions as investors assess market direction ahead.
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