Kevin Warsh Wins Senate Confirmation as Fed Chair, Clearing Path After Powell

Kevin Warsh, the nominee to become the next chair of the U.S. Federal Reserve, won confirmation from the U.S. Senate on the 13th local time. A day earlier, the Senate also approved his nomination as a Fed governor, completing the steps needed for him to assume the chairmanship immediately after current Chair Jerome Powell’s term ends. The Fed chair serves a four-year term, and Powell’s current term ends on the 15th of this month. Warsh is expected to take office as early as this week. His first Federal Open Market Committee meeting is scheduled for the 16th and 17th of next month. The FOMC sets U.S. benchmark interest rates. Attention is focused on the message Warsh, who has emphasized Fed independence, will deliver at his first meeting. Markets expect the Fed may not cut rates this year amid persistent inflation pressures. Source: rss.donga.com