Fed names Powell as chair pro tempore until Warsh is sworn in
The temporary move keeps Jerome Powell in place while Kevin Warsh awaits swearing-in, as analysts warn his market-shrinking plans could lift borrowing costs.
- On Friday, the Federal Reserve Board announced that Jerome Powell will serve as chair pro tempore following the expiration of his eight-year tenure, pending Kevin Warsh's swearing-in as successor.
- The Senate confirmed Warsh on Wednesday to replace Powell, with the incoming chair advocating for a smaller central bank role and return to conventional monetary policy focused on controlling inflation.
- Fed board members Stephen Miran and Michelle Bowman opposed the pro tempore arrangement, citing the absence of a fixed end date for Powell's temporary status. Powell will remain on the Board of Governors pending the Trump administration's criminal probe conclusion.
- U.S. Treasury bond yields climbed Friday, with the 2-year bond rising above 4% as inflation concerns linked to the war with Iran intensified market volatility.
- Investors in contracts tied to the Fed's policy rate anticipate the Warsh Fed will hike rates as soon as January, though analysts warn rising federal debt could constrain his balance-sheet reduction plans.
23 Articles
23 Articles
The Federal Reserve, the largest central bank in the world, is experiencing a shift in guard these days. Jerome Powell, who has held the presidency for the past eight years, is preparing to give way to Kevin Warsh, an economist, financier and lawyer, proposed by Donald Trump.
Jerome Powell Named Chair Pro Tempore of Federal Reserve
Jerome Powell has been appointed chair pro tempore of the Federal Reserve until Kevin Warsh assumes the role. No specific date for Warsh's swearing-in by President Trump is given. Powell will remain on the Board of Governors until the end of the criminal probe against him by the Trump administration.
US Fed board names Powell temporary chief pending Warsh swearing-in
Jerome Powell has been named temporary chair of the US Federal Reserve pending the swearing-in of successor Kevin Warsh. This move follows Warsh's Senate confirmation after a challenging process. Powell's interim role is a customary practice during such transitions, with no specific date set for Warsh's official induction.
Powell 4 Eva? Fed Declares Powell Temporary Chair—Even Though Warsh Has Been Confirmed!
Everyone thought Powell was out as chair. But in a late Friday move, the Fed has declared he's sticking around. The post Powell 4 Eva? Fed Declares Powell Temporary Chair—Even Though Warsh Has Been Confirmed! appeared first on Breitbart.
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