Fed Chair Change Not Always Market Turmoil

Deutsche Bank’s 50‑year review finds mixed market reactions to Fed Chair transitions, not always triggering downside.
Historical cases show early crises under Greenspan, recession inheritances for Burns, and policy‑driven tightening by Volcker.
Recent chairs faced delayed stress: Bernanke’s crisis after 18 months, Lehman default 2.5 years later, Powell’s COVID shock after two years.
Kevin Warsh’s nomination faces Senate block and scrutiny over rate‑cut stance, Fed independence, and balance‑sheet size.