DBI Today: 47.8 (−1.3)
Kevin Warsh ran his first meeting as the new chair of the Federal Reserve, America's central bank, and instead of the rate cut some had hoped for, he delivered something closer to a warning shot. The Daily Business Index sits at 47.8 today, down 1.3 points. Rates stayed exactly where they were — between 3.5% and 3.75% — but nine of the eighteen Fed officials now reckon at least one rate hike is coming before the year is out, a sharp U-turn from the cut-leaning mood back in March. Wall Street did not take it well. Warsh also used his first day in the job to fire off five reviews of how the Fed itself operates — a sign he wants to shake the place up, not just steer it.
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