Markets Digest the Shock

Rotation, Volatility, and a Reminder That News Still Matters

I. Headlines & Catalysts

The market pulled back sharply to end the week, snapping a calm stretch and reminding everyone how headline-driven this market still is.

The main catalyst was the nomination of Kevin Warsh as the next Fed Chair, set to replace Powell in May. Markets quickly reversed a crowded trade. Precious metals were crushed, the dollar surged …