🇺🇸 Trump Picks Kevin Warsh to Replace Jerome Powell as Fed Chair!

🇺🇸 Trump Picks Kevin Warsh to Replace Jerome Powell as Fed Chair!
The move follows years of tension between Trump and the Powell-led Fed. Trump has criticized Powell almost since his appointment in 2018, and last week hinted to CNBC that a decision was close before officially confirming Warsh.
Now, the nomination faces a difficult path. Republican Senator Thom Tillis has said he will block any Fed nominees until a Justice Department probe is completed, adding political pressure to an already sensitive process.
Economically, challenges remain. Inflation is still above the Fed’s 2% target, while the labor market is cooling, creating a “no-fire, no-hire” environment that complicates future policy decisions.
Markets, however, expect limited change. Traders are pricing in at most two rate cuts this year, with the benchmark rate likely settling near 3%, the level policymakers view as neutral for growth.
There is also uncertainty around Powell himself. Although chairs usually step down entirely, Powell still has two years left as a Fed governor and may choose to stay, potentially acting as a guardrail against political pressure on the Fed’s independence.

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