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Kevin Warsh Has Been Given a Smooth Opening Day Runway. How Long That Lasts Is Another Matter
U.S. stocks indicated a remarkable calm heading into the opening press conference for new Federal Reserve Chairman Kevin Warsh, who is likely to establish a new style of speaking to the stock market and the media while recalibrating some of the central bank's key reaction functions.Equity futures indicated a positive start to the trading day, building on a recent rally that has the S&P 500 within touching distance of its all-time high and has added around 3.4% to the tech-focused Nasdaq Composite.Global oil prices, too, were moving swiftly to adjust to the new reality of a cease-fire agreement in the Gulf, with Brent crude dipping below $80 a barrel in overnight trading, extending its five-day decline to around 16%.More interestingly, however, is the muted level of the market's benchmark volatility gauge, the Cboe Group's VIX index, which is holding near to the lowest levels since early January.While no text of the agreement has been released, media reports have suggested the 14-point
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