Kevin Warsh is set to succeed Jerome Powell as Federal Reserve Chair this Friday, raising concerns on Wall Street due to a historical pattern known as the "Fed curse." Historically, the stock market has declined by an average of 12% within three months and 16% within six months following the appointment of a new Fed chair. Warsh, known for his hawkish stance on inflation, is expected to shift policy towards tightening, prompting investors to reassess market risks. Barclays data indicates that since 1930, the S&P 500 has consistently fallen by 5% within one month of a new Fed chair taking office. Warsh plans to overhaul the Fed's dot plot and forward guidance framework, potentially impacting global asset pricing. Powell's tenure saw significant market volatility, including a major rate-hiking cycle in response to inflation. Despite challenges, Powell maintained strong employment figures and defended the Fed's independence, marking his legacy.