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Market has a new reason to get nervous 😨

Kevin Warsh has joined the Fed!

Barclays looked at the data going back to 1930: after a new Fed Chair takes over, the S&P 500 has historically dropped 5% in the first month, 12% over three months, and 16% over six months on average.

We are back in uncertainty mode: the market now has to figure out how hawkish the new regulator will be ☹️