Warsh's Hawkish Fed Debut Shocks Markets: 'This Committee Will Deliver Price Stability'

Kevin Warsh used his first press conference as Federal Reserve Chair to pledge a decisive fight against inflation, signaling a policy shift few investors had expected. A broad selloff began with the June’s hawkish dot plot, which signaled the committee’s preference for one rate hike this year — a sharp U-turn from the cut penciled in back in March — and it deepened as Warsh spoke after 2:30 p.m. ET. When measured fr…