⚡️ TODAY: WARSH TAKES THE FED CHAIR. HISTORY SAYS DAY 1 STARTS RED. Every new Fed Chair since 2006 has seen markets open lower on their first day. Day 1 performance: Bernanke: -2.2% Yellen: -0.9% Powell: -4.1% One year later: Bernanke: +13.3% Yellen: +13.0% Powell: -1.3% Markets do not reject new Fed chairs. They make them earn credibility.