U.S. Senate Confirms Kevin Warsh as Federal Reserve Chair

According to Bloomberg, the U.S. Senate confirmed Kevin Warsh as Federal Reserve Chair by a vote of 54–45—the narrowest margin in the history of Fed chair confirmations. Warsh will officially assume office after completing relevant White House signing procedures, succeeding current Chair Jerome Powell, whose term ends this Friday (May 15). The appointment is viewed as one of the most contentious Federal Reserve leadership transitions in decades and will serve as a critical test of the Fed’s political independence. Market attention centers on Democratic concerns that Kevin Warsh may align with Donald Trump to push for rapid interest-rate cuts.