Warsh Fed Board Confirmation Clears Senate as U.S. Inflation Surge Draws Focus

Kevin Warsh, the nominee to lead the U.S. Federal Reserve, was confirmed as a Fed governor by the U.S. Senate on May 12. The Senate approved the nomination in a 51-45 vote. Because the Fed chair is chosen from among the governors, confirmation to the board is a required step before taking the chairmanship. Current Chair Jerome Powell’s term expires on May 15, and Warsh’s confirmation as chair is expected around May 13. Warsh previously served as the youngest Fed governor from 2006 to 2011 during the George W. Bush administration, but resigned before completing his term over policy differences. With U.S. inflation recently intensifying in the aftermath of the Iran war, attention is on how he will act amid President Donald Trump’s pressure for rate cuts. Source: rss.donga.com