US EditionTrump nominates Kevin Warsh for Federal Reserve chair to succeed Jerome Powell
Trump nominates former Fed governor Kevin Warsh to succeed Jerome Powell, aiming for lower interest rates amid ongoing Justice Department probe and Senate scrutiny.
- On Friday, global financial markets moved after reports pointed to Kevin Warsh as U.S. President Donald Trump's likely Fed nominee, with the dollar and bond yields jumping while stocks steadied.
- In recent months, President Donald Trump has sought to shape Fed policy through appointments, with Kevin Warsh, a former Fed governor, publicly arguing for lower borrowing costs, despite his reputation as hawkish.
- On prediction markets, odds surged to 94 per cent from 35 per cent, and S&P 500 futures fell 0.3% while Bitcoin hit two-month lows.
- Traders scaled back expectations for policy easing, repricing the Fed outlook as Fed funds futures place an 84.6 per cent probability on a hold, and Tim Waterer said markets may need to rein in expectations if Warsh is nominated.
- Amid lingering confirmation questions, officials warn the process may be prolonged, as Jerome Powell, Federal Reserve chair, term ends in May and U.S. Senate stand-offs over independence and subpoenas create uncertainty.
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Daily Montanan
Michigan AdvanceTrump to nominate former Fed governor to replace Powell as chair
Kevin Warsh, second from left, listens during a panel discussion at the Semafor 2024 World Economy Summit on April 18, 2024, in Washington, D.C. (Photo by Tasos Katopodis/Getty Images for Semafor)WASHINGTON — President Donald Trump’s new Federal Reserve chair pick likely faces headwinds in the U.S. Senate, as a key lawmaker opposes the administration’s ongoing criminal probe of current Fed leader Jerome Powell. Trump announced early Friday he’s …
Donald Trump nominates Kevin Warsh as head of the US Federal Reserve and tries to influence interest rate policy.
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