Curse of the new Fed chairman
Paul Volcker, over whose tenure the S&P 500 more than tripled, saw essentially no gain in the S&P 500 for the first three years of his chairmanship. Yes, the index was 16.5% higher the first year of his watch, but down 0.6% after 36 months. Much of that was due to his own policies, of course, which created two recessions. The spike in global oil prices resulting from the Iranian Revolution didn’t help much either.
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