The Trump administration is reportedly preparing for President Trump to nominate Kevin Warsh as the next chair of the Federal Reserve. According to sources familiar with the matter, Trump intends to announce his selection Friday morning (Saturday AEDT). However, these sources, who wished to remain anonymous, stressed that the decision remains tentative until a formal announcement is made.
Kevin Warsh, a former Fed governor, is among the final candidates being considered for the role. Warsh visited the White House on Thursday (Friday AEDT). Other candidates reportedly under consideration include National Economic Council Director Kevin Hassett, current Fed Governor Christopher Waller, and BlackRock Inc. executive Rick Rieder.
News of Warsh’s potential nomination has already impacted financial markets. Stock prices declined, while Treasury yields increased, driven by speculation that Warsh will be appointed as the next Fed chair. The US dollar saw gains, and precious metals experienced a downturn. Prediction markets also indicated a rise in bets favouring Warsh’s appointment.
The Federal Reserve, often referred to as the Fed, is the central banking system of the United States. It aims to promote a safe, sound, and stable financial system to support the economy.
