{"id":432352,"date":"2026-06-18T02:28:01","date_gmt":"2026-06-17T19:28:01","guid":{"rendered":"https:\/\/www.swingfish.trade\/blog\/market-news\/2026\/06\/what-did-the-markets-do-from-the-start-to-the-end-of-the-fed-warsh-press-conference\/"},"modified":"2026-06-18T02:28:01","modified_gmt":"2026-06-17T19:28:01","slug":"what-did-the-markets-do-from-the-start-to-the-end-of-the-fed-warsh-press-conference","status":"publish","type":"post","link":"https:\/\/www.swingfish.trade\/blog\/market-news\/2026\/06\/what-did-the-markets-do-from-the-start-to-the-end-of-the-fed-warsh-press-conference\/","title":{"rendered":"What did the markets do from the start to the end of the Fed Warsh Press conference"},"content":{"rendered":"<div>\n<p data-section-id=\"1vysgph\" data-start=\"0\" data-end=\"74\">Market Reaction: Start of Press Conference vs. End of Press Conference<\/p>\n<p data-start=\"76\" data-end=\"347\">The overall takeaway is that the market interpreted Warsh and the Fed as more hawkish than expected, with the strongest reaction seen in the U.S. dollar and front-end Treasury yields. Stocks weakened modestly, while precious metals came under additional pressure.<\/p>\n<p data-section-id=\"f8ss9u\" data-start=\"354\" data-end=\"366\">\ud83d\udcc9 Stocks<\/p>\n<p data-section-id=\"16g6gpf\" data-start=\"652\" data-end=\"664\">Takeaway<\/p>\n<ul data-start=\"665\" data-end=\"962\">\n<li data-section-id=\"1pp8xcu\" data-start=\"665\" data-end=\"729\">\nThe Dow deteriorated the most during the press conference.\n<\/li>\n<li data-section-id=\"n9vs5t\" data-start=\"730\" data-end=\"781\">\nThe Russell 2000 gave back most of its gains.\n<\/li>\n<li data-section-id=\"s1uo6o\" data-start=\"782\" data-end=\"903\">\nThe Nasdaq actually recovered slightly, suggesting technology shares held up relatively well despite rising yields.\n<\/li>\n<li data-section-id=\"1js9nkg\" data-start=\"904\" data-end=\"962\">\nOverall equity reaction was negative but not disorderly.\n<\/li>\n<\/ul>\n<p data-section-id=\"sey2eg\" data-start=\"969\" data-end=\"991\">\ud83d\udcb5 Foreign Exchange<\/p>\n<p data-section-id=\"16g6gpf\" data-start=\"1407\" data-end=\"1419\">Takeaway<\/p>\n<p data-start=\"1420\" data-end=\"1465\">The FX market delivered the clearest verdict:<\/p>\n<p data-start=\"1467\" data-end=\"1503\">\u2705 Broad-based U.S. dollar buying<\/p>\n<p data-start=\"1505\" data-end=\"1543\">The largest dollar gains came against:<\/p>\n<ul data-start=\"1544\" data-end=\"1567\">\n<li data-section-id=\"1o4h31\" data-start=\"1544\" data-end=\"1549\">\nGBP\n<\/li>\n<li data-section-id=\"1o4ive\" data-start=\"1550\" data-end=\"1555\">\nEUR\n<\/li>\n<li data-section-id=\"1o4da0\" data-start=\"1556\" data-end=\"1561\">\nNZD\n<\/li>\n<li data-section-id=\"1o4dgl\" data-start=\"1562\" data-end=\"1567\">\nCHF\n<\/li>\n<\/ul>\n<p data-start=\"1569\" data-end=\"1643\">The market appears to have pushed back expectations for future Fed easing.<\/p>\n<p data-section-id=\"1n1l55d\" data-start=\"1650\" data-end=\"1671\">\ud83d\udcc8 Treasury Yields<\/p>\n<p data-section-id=\"16g6gpf\" data-start=\"2021\" data-end=\"2033\">Takeaway<\/p>\n<ul data-start=\"2034\" data-end=\"2239\">\n<li data-section-id=\"1liod44\" data-start=\"2034\" data-end=\"2096\">\nThe move was concentrated in the front end of the curve.\n<\/li>\n<li data-section-id=\"b06b6p\" data-start=\"2097\" data-end=\"2178\">\nThe 2-year yield rose over 4 basis points, the strongest move on the board.\n<\/li>\n<li data-section-id=\"i4txjo\" data-start=\"2179\" data-end=\"2239\">\nThe yield curve flattened as long-end yields barely moved.\n<\/li>\n<\/ul>\n<p data-start=\"2241\" data-end=\"2269\">That is classic pricing for:<\/p>\n<blockquote data-start=\"2270\" data-end=\"2314\">\n<p data-start=\"2272\" data-end=\"2314\">&#8220;The Fed may stay restrictive longer.&#8221;<\/p>\n<\/blockquote>\n<p data-section-id=\"1c6q1jz\" data-start=\"2321\" data-end=\"2347\">\ud83c\udfc6 Commodities &amp; Crypto<\/p>\n<p data-section-id=\"16g6gpf\" data-start=\"2598\" data-end=\"2610\">Takeaway<\/p>\n<ul data-start=\"2611\" data-end=\"2762\">\n<li data-section-id=\"joql5e\" data-start=\"2611\" data-end=\"2683\">\nGold and silver extended losses as yields and the dollar moved higher.\n<\/li>\n<li data-section-id=\"7s89km\" data-start=\"2684\" data-end=\"2711\">\nBitcoin softened as well.\n<\/li>\n<li data-section-id=\"1npyti0\" data-start=\"2712\" data-end=\"2762\">\nOil was largely unaffected by the Fed headlines.\n<\/li>\n<\/ul>\n<p data-section-id=\"aix2pz\" data-start=\"2769\" data-end=\"2782\">Bottom Line<\/p>\n<p data-section-id=\"118f65x\" data-start=\"2784\" data-end=\"2803\">Biggest Winners<\/p>\n<ul data-start=\"2804\" data-end=\"2908\">\n<li data-section-id=\"rnyk7q\" data-start=\"2804\" data-end=\"2821\">U.S. Dollar<\/li>\n<li data-section-id=\"w66iag\" data-start=\"2822\" data-end=\"2854\">Short-term Treasury yields<\/li>\n<li data-section-id=\"rlkv50\" data-start=\"2855\" data-end=\"2908\">\nFed credibility on maintaining a restrictive stance\n<\/li>\n<\/ul>\n<p data-section-id=\"zqvjp7\" data-start=\"2910\" data-end=\"2928\">Biggest Losers<\/p>\n<ul data-start=\"2929\" data-end=\"3022\">\n<li data-section-id=\"c7ibhk\" data-start=\"2929\" data-end=\"2939\">Gold<\/li>\n<li data-section-id=\"f6fb1b\" data-start=\"2940\" data-end=\"2952\">Silver<\/li>\n<li data-section-id=\"dzd822\" data-start=\"2953\" data-end=\"3003\">\nDollar-sensitive currencies (EUR, GBP, AUD, NZD)\n<\/li>\n<li data-section-id=\"1n0vul7\" data-start=\"3004\" data-end=\"3022\">\nSmall-cap stocks\n<\/li>\n<\/ul>\n<p data-section-id=\"1gea0q0\" data-start=\"3024\" data-end=\"3049\">Market Interpretation<\/p>\n<p data-start=\"3050\" data-end=\"3195\">Warsh&#8217;s comments reinforced the message from the dot plot that policymakers are not eager to cut rates anytime soon. The market responded by:<\/p>\n<ul data-start=\"3196\" data-end=\"3309\">\n<li data-section-id=\"1yrmmkt\" data-start=\"3196\" data-end=\"3212\">\nBuying dollars\n<\/li>\n<li data-section-id=\"gx14wo\" data-start=\"3213\" data-end=\"3238\">\nSelling precious metals\n<\/li>\n<li data-section-id=\"ja6ypc\" data-start=\"3239\" data-end=\"3273\">\nPushing short-term yields higher\n<\/li>\n<li data-section-id=\"1dkpgyj\" data-start=\"3274\" data-end=\"3309\">\nLeaning modestly against equities\n<\/li>\n<\/ul>\n<p data-start=\"3311\" data-end=\"3562\" data-is-last-node=\"\" data-is-only-node=\"\">The strongest signal came from the combination of a stronger dollar and higher 2-year yields, which is typically the clearest indication that traders came away viewing the Fed as more hawkish than they did at the start of the press conference.<\/p>\n<p>                            This article was written by Greg Michalowski at investinglive.com.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Market Reaction: Start of Press Conference vs. End of Press Conference The overall takeaway is that the market interpreted Warsh and the Fed as more hawkish than expected, with the strongest reaction&hellip;<\/p>\n","protected":false},"author":216,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[],"class_list":["post-432352","post","type-post","status-publish","format-standard","hentry","category-market-news"],"_links":{"self":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/432352","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/users\/216"}],"replies":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/comments?post=432352"}],"version-history":[{"count":0,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/432352\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/media?parent=432352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/categories?post=432352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/tags?post=432352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}