US Senate confirms Kevin Warsh as next Fed chair

The US Senate has confirmed Kevin Warsh as the next chair of the Federal Reserve in a 54-45 vote, succeeding Jerome Powell, whose chairmanship ends this Friday. Warsh, a 56-year-old lawyer and former Fed governor, returns to the central bank during a period of significant inflation and geopolitical instability. While Powell will step down from the lead role, he will continue to serve as a member of the Board of Governors.
Warsh is expected to lead his first policy meeting in mid-June, with markets anticipating a focus on long-term interest rate reduction and balance sheet management. His appointment has sparked discussions regarding the bank’s political independence, especially given his recent calls for closer coordination with the Treasury Department. National Economic Council Director Kevin Hassett praised Warsh’s competence, suggesting his leadership will provide market relief as the Fed navigates current economic pressures.
Credit – CGTN