Quick Read – Warsh’s first 7 trading days produced consecutive S&P 500 gains, shattering William Miller’s 1978 record of 5 straight wins. – Jerome Powell started with zero first-week gains but delivered 12.7% average annual returns, proving early streaks don’t predict long-term…
rformance. – Broadcom’s guidance miss ended the streak with a 0.74% S&P 500 drop, leaving Warsh to navigate inflation above 2%, slowing growth, and elevated valuations. – The stock market loves a fresh narrative. Every time a new Federal Reserve chair takes office, investors immediately begin looking for clues about what comes next: lower rates, higher rates, easier money, tighter policy, or some combination of all four
The challenge is that markets rarely offer a clear verdict right away. Yet Kevin Warsh’s first week as Fed chair delivered something investors had never seen before. The question now is whether that remarkable start tells us anything about what lies ahead — or whether history suggests investors should be looking elsewhere.
A Record-Breaking Start for a New Fed Chair According to data compiled by Carson Research, the S&P 500 rose during each of Kevin Warsh’s first seven trading days as Federal Reserve chair. No new Fed chair had ever started with a longer winning streak. The previous record belonged to William Miller in 1978, whose tenure began with five consecutive daily gains.