#FedLeadershipImpact – How Much Did Fed Leadership Change Affect Markets?
When President Trump nominated Kevin Warsh, a known monetary hawk, as Fed Chair, markets reacted immediately—but this was more of a policy repricing than a crash.
📉 Short-Term Market Shock
Crypto: Bitcoin fell from ~$78K → $68K (-12–13%). Total crypto market cap dropped 8–10% ($400–500B wiped out).
US Equities: Nasdaq & high-growth tech: -6–9%, S&P 500: -4–6%, AI & speculative stocks: -10–15%.
Why: Markets feared faster balance sheet reduction, less emergency liquidity, and fewer surprise rate cuts. Risk assets sold fir