NYSE Research
Insights that connect you to opportunity
At the New York Stock Exchange we strive to preserve integrity, drive innovation and promote greater understanding of our markets.
Daily U.S. Market Update
June 17, 2026 at 5:30 p.m. EST
There's a new sheriff in town. In a bloodless transfer of power, Kevin Warsh assumed the Fed chair role from Jerome Powell and quickly put his stamp on things. A unanimous vote by the FOMC left the target rate unchanged at 3.5% to 3.75%. As expected, the easing bias was removed from the statement and it was shortened dramatically (130 words from 237), very to the point and left some room for interpretation.
Rate assumptions resolved hawkishly. Nine of eighteen committee members now expect at least one hike during the remainder of the year. Six expect two. There were zero for both in the last plot. Only one saw a cut, down from 12.
The 2y rate jumped 15bp at its highs over the course of the statement and presser. The S&P was trading around unchanged heading into the statement release and dropped right after it. The index recovered to its pre-statement level during the first half of the Q&A session but then retreated to the lows in the second half when short-term yields extended higher.
Taking the eraser to the Statement and removal of forward guidance provided a lead-in to potentially dramatic changes to how the Fed operates overall. To that end, Warsh announced the creation of five task forces that will take a "fresh look" at things and make recommendations for changes. We could be looking at a very different Fed in a few months.
Research Insights
Behind the Record Volumes: A Hidden Opportunity
The NYSE Closing Auction has long been the largest single liquidity event in US equities trading and, lately, every calendar quarter has brought new volume records. Read now
Smaller Round Lots: Tighter Spreads, But Thinner Liquidity
Discover how shrinking round lot sizes are sharpening spreads yet quietly thinning out liquidity beneath the surface. Read now
Q3 2025 Options Industry Update
NYSE Research recaps options industry landscape from Q3 2025. Read now
The 2026 NYSE Market Microstructure Conference
NYSE is pleased to announce its 2026 Academic/Industry Market Microstructure research conference. Please see the article for paper submission and registration information. Read now
Find all of NYSE Research's articles on market quality, market structure, auctions, and options.
Daily U.S. Equity Market Statistics
Resources
Exchange Traded
Products
Exchange-traded products are one of the fastest growing investment products in the world, combining the simplicity of stocks with the diversified risk of mutual funds.
NYSE Pillar®
Our new integrated trading technology platform that will enable member firms to connect to all of our equities and options markets using a single specification.
Options
Through a dual options market structure, traders and brokers have choice and flexibility that comes from a mixture of electronic trading and open outcry interaction.
ICE Vox
Get news and insights from ICE.