
Wall Street Reverses From Record Highs as Warsh’s First Fed Meeting Sends Hawkish Signal Through Dot Plot
Wall Street opened Wednesday, June 17 reaching for records and closed reaching for answers. The Dow Jones Industrial Average hit a fresh all-time intraday high for the third consecutive session — then reversed hard after the Federal Reserve’s 2:00 PM policy announcement, finishing down 507.12 points (-0.98%) at 51,492.55. The S&P 500 fell 1.21% to 7,420.10. The Nasdaq Composite shed 1.34% to 26,021.66. The session’s arc — record high to broad selloff inside the same trading day — captured a market that entered confident and left recalibrating. The Decision, The Statement, and The New Chair The Federal Open Market Committee voted unanimously 12-0 to hold the federal funds rate at a target range of 3.5% to 3.75%, the fourth consecutive pause. The rate decision itself was expected. What moved markets was everything surrounding it. New Fed Chair Kevin Warsh, presiding over his first FOMC meeting after succeeding Jerome Powell, stripped forward-guidance language from the policy statement and







































