S&P 500 Braces for Imminent Fed 'Double Whammy' as Warsh Nears May 15 Takeover

Just days from Jerome Powell's May 15, 2026, Fed chair exit, the S&P 500 confronts a 'historic double whammy' from Kevin Warsh's hawkish drive to shrink the $6.7T balance sheet—potentially lifting yields—and four FOMC dissents at Powell's final April 29 meeting, the first in 34 years. This escalates from 2023's late-day selloffs on Powell Fed days despite 19% YTD gains, March 2026 shake-up alerts with S&P over 7,000, and Benjamin Cowen's April 30 warning of credibility erosion post-transition. The discord threatens the index's multi-year rally amid steady 3.5%-3.75% rates.