Warsh Triggers Market Roller-Coaster As Hawkish Inflation Vow Hits Stocks
Kevin Warsh kept rates unchanged, but his rejection of a "soft" inflation target and new approach to Fed communication sent stocks, bonds, gold and the dollar swinging.
A Federal Reserve leader said the bank won't back down on fighting high prices, which made stock and bond prices bounce up and down wildly. When leaders sound serious about controlling inflation, it can make investors nervous about what happens to companies' profits.
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