Summary
- Foreign media reported that the U.S. Senate confirmed Kevin Warsh’s appointment as a Federal Reserve governor in a 51-45 vote.
- Warsh’s term as a governor will last 14 years and will begin on Feb. 1 as the successor to Stephen Miran, the reports said.
- Markets are watching whether the Fed chair will be replaced, the potential for a shift in the monetary policy stance, and the future direction of interest-rate policy and strategy for responding to inflation.
Forecast Trend Report by Period
The U.S. Senate has formally confirmed Kevin Warsh to the Federal Reserve Board, bringing a potential change in the central bank’s leadership closer to reality.
The Senate approved Warsh’s appointment as a Fed governor on May 12 in a 51-45 vote, according to foreign media reports.
Warsh will serve a 14-year term beginning Feb. 1, succeeding Stephen Miran, the reports said.
The Senate has also opened the confirmation process for Warsh to serve a separate four-year term as Fed chair.
A cloture vote was held on May 12, and a confirmation vote on the chairmanship is scheduled for May 14.
Current Fed Chair Jerome Powell’s term is set to expire on May 16.
Warsh previously served as a Fed governor and as a White House economic adviser.
Markets are watching whether the Fed will get a new chair and whether that could alter the central bank’s policy stance. The direction of interest-rate policy and the strategy for responding to inflation are seen as key variables.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
