Enter: Kevin Warsh
After months of discussion and endless speculation, we finally know who Trump’s nominee for the next Fed chair will be- Kevin Warsh, one of the more hawkish nominees going into this much-anticipated decision. A Fed Governor during the Financial Crisis turned Fed critic after his 2011 departure, who would then go on to work under one of the most prolific macro investors of all time- Stanley Druckenmiller.
How did the markets react?
It depends on what asset(s) you own. If you owned treasury bonds (namely, the front end), you were probably relieved. If you were long the Euro, you were probably rushing to close your short dollar positions. If you owned silver and gold? You were probably having one of the worst days that you’ve ever had, as months’ worth of profits evaporated in a single trading day.
The New Fed Chair is In… And… Silver Crashes 35%
Nearly $4 trillion in market …