Former DOGE co-leader Vivek Ramaswamy exposed what he calls an "open secret" on Wall Street—investors don't track the Federal Reserve to predict the future, but to see how badly it might fumble next.
"Here's an open secret on Wall Street: the reason investors pay attention to the Fed isn't because the Fed has unique insight, it's mostly just to understand how the Fed is going to screw it up next," Ramaswamy posted on X. "There's ~24k employees at the Fed & that's easily 20k too many. Go back to a single mandate of stabilizing the U.S. dollar, period."
