The Fed’s New Boss Has Wall Street Guessing

Kevin Warsh is taking a different approach as Fed chair, and investors are trying to figure out whether his quieter style will bring more discipline to monetary policy or create a new layer of uncertainty.Chuck Zodda and Mike Armstrong break down Warsh’s early approach to the Fed, why pulling back from forward guidance may not mean what markets think, and why his real test will come when inflation, employment, or stocks force him to make a difficult call. They also discuss rising single-stock volatility, how leverage and new trading products may be adding risk, what SpaceX’s post-IPO drawdown says about newly public companies, why Americans are pulling back on retirement savings, and how housing affordability looks different once income growth and mortgage rates are included.