Trump to Name Warsh Next Federal Reserve Chair
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WASHINGTON: President Donald Trump on Friday said he will nominate former Federal Reserve governor Kevin Warsh to replace Jerome Powell in May. The White House met with Warsh this week and reports by Bloomberg and Reuters said the administration was preparing the nomination; other contenders also included Kevin Hassett, Christopher Waller and Rick Rieder. Markets reacted with stocks falling, Treasury yields rising and the dollar gaining as odds of Warsh's appointment increased. Analysts say the new chair will face dual challenges of curbing inflation and supporting the labour market amid political pressure. Based on 6 articles reviewed and supporting research.
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Timeline
- 1. Kevin Warsh served as a Federal Reserve governor from 2006 to 2011.
- 2. Over the prior year President Trump publicly pressured the Fed for deeper rate cuts.
- 3. This week the White House hosted Warsh; Bloomberg and Reuters reported plans to nominate him.
- 4. Markets reacted on reports: stocks fell, Treasury yields rose, and the dollar strengthened.
- 5. On Friday Trump announced he would nominate Kevin Warsh as the next Fed chair, pending Senate confirmation.
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