Kevin Warsh's rising Fed Chair odds spark massive sell-off. Markets lose $6T fearing rate cuts without QE under hawkish leadership.

Learn how open market operations and quantitative easing differ in scale and purpose, impacting economic growth and monetary policy strategies. Get insights and examples.

At the January meeting, the Fed held interest rates steady in a range of 3.5%–3.75% after cutting by 75 basis points over the three previous meetings.

Relief that President Donald Trump said he’d tap Kevin Warsh to head the Federal Reserve, rather than someone seen as more willing to ignore inflation and slash interest rates, sent the dollar and short-dated Treasuries rallying.