The "New Fed Chair" Effect Is Still LiveS&P 500 IndexTVC:SPXcurrencynerdHistorically, every new Fed Chair begins with equity volatility and drawdowns in the first 3 months, averaging around -12% on the S&P 500 (SPX). Markets don’t react to the person, they react to: Policy uncertainty Rate path repricing Liquidity adjustment lag Take a look at my chart tracking the macro history across the last 40+ years. Kevin Warsh was officially sworn in as the 17th Fed Chair on May 22, 2026, which means the clock is actively ticking on his first 90 days. We don't know if the historical average line holds or if Warsh will manage to break the cycle. Every new Fed Chair since the 1980s has triggered early equity weakness. Paul Volcker (1979): Hit with a -10.00% drawdown right out of the gate. Alan Greenspan (1987): Faced a brutal -33.00% crash (baptized by fire during Black Monday). Ben Bernanke (2006): Experienced a light -2.00% correction initially before the macro tide turned. Janet Yellen (2014): Saw a brief, manageable -4.00% pullback. Jerome Powell (2018): Welcomed with a swift -7.00% technical correction. Average 90-day drawdown: ~ -12% Worst cases: -30%+ (Greenspan transition) The pattern isn’t about the individual, it’s about the transition in liquidity expectations. With Kevin Warsh now navigating his active 90-day window, the macro stakes are elevated. If history rhymes, the first phase of a new Fed regime is rarely smooth for equities. Drop Your Thoughts Below! Are you playing defence during this active 90-day transition window? Let me know your target zones in the comments!