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⚡️ TODAY: WARSH TAKES THE FED CHAIR — AND HISTORY SAYS DAY 1 OPENS RED.
First-day market performance of every new Fed Chair since 2006:
• Bernanke: -2.2%
• Yellen: -0.9%
• Powell: -4.1%
One year later:
• Bernanke: +13.3%
• Yellen: +13.0%
• Powell: -1.3%
Markets don’t reject new Fed Chairs. They test them first.