Markets just flipped the script on Kevin Warsh’s Fed: Chart of the Day

A Bloomberg gauge of U.S. financial conditions reached its most accommodative level since 1996 following a sharp reversal in market dynamics. The index, which measures the ease or difficulty of taking on risk and raising capital in financial markets, rose Thursday to reflect a substantial loosening after weeks of tightening pressure.
Fed Chairman Kevin Warsh had stated during his initial meeting on June 17 that markets had performed “quite a bit” of the Fed’s tightening work.