The S&P and Nasdaq decided to play it cool today, closing more or less flat, as the market attempted to digest a geopolitical cocktail and a rather awkward office transition at the Federal Reserve. While the Fed kept rates pinned at the 3.5%–3.75% range, the real "Real Housewives" drama was Jerome Powell confirming he will remain on the board as a Governor after Kevin Warsh takes the Big Chair on May 15—a move sure to keep the White House on its toes. Meanwhile, the "Strait of Hormuz Headache"…
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