Summary
- President Donald Trump has nominated Kevin Warsh to be the next chair of the Federal Reserve.
- The Senate is set to hold confirmation votes on Warsh for both the Fed’s Board of Governors and the Fed chairmanship.
- With Republicans controlling the Senate, markets see a strong chance that Warsh’s confirmation will pass smoothly.
Forecast Trend Report by Period
Kevin Warsh, President Donald Trump’s nominee to be the next Federal Reserve chair, has cleared a key step in the Senate confirmation process.
Walter Bloomberg reported on May 11 that Warsh advanced past a major procedural hurdle in the Senate.
After a cloture vote on May 11, the Senate could vote as soon as May 12 on confirming Warsh to the Fed’s Board of Governors for a 14-year term. A separate confirmation process for the four-year role of Fed chair would follow, with that vote possibly coming as soon as May 13.
Because Republicans hold the Senate majority, markets are betting Warsh will win confirmation without much difficulty.
Fed Chair Jerome Powell’s term ends on May 15. If Warsh is confirmed, he could preside over his first Federal Open Market Committee meeting as chair on June 16-17.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
