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Alan Greenspan, who chaired the Federal Reserve from 1987 to 2006, has died at 100. He shaped US monetary policy across five presidencies and remained a contested figure over the housing-debt build-up that preceded the 2008 crisis.
Federal Reserve Chair Kevin Warsh's blunt warning Wednesday that inflation pressures justify keeping interest rates higher for longer rippled across Wall Street, triggering a hawkish repricing in stocks, bonds and the dollar. Investors are now bracing for fewer rate cuts than previously expected in the second half of the year.
According to MarketWatch's analysis, Federal Reserve Chair Kevin Warsh signaled after his first policy meeting that bringing inflation back to target is his overriding priority. That stance implies US 30-year mortgage rates may stay near 7% for longer than home buyers had hoped. Housing officials say demand is already showing signs of stalling.