Barrons

Gold dropped 6% and the dollar surged after Kevin Warsh emerged as Trump's likely Fed chair pick. But his commitment to presidential rate cut demands creates a credibility test that markets haven't fully priced in.

The 20% stock decline masks a deeper shift: flat government rates in 2027 versus $25 billion increases in 2026. This isn't a quarterly miss—it's a business model reckoning.

Adjusted earnings topped estimates, but a rare investment banking miss and potential credit card rate caps signal challenges ahead. How one-time charges obscured underlying business concerns.