Donald Trump is poised to announce his nomination for the next chair of the Federal Reserve, reportedly selecting Kevin Warsh, a former Fed governor. Trump indicated at a recent event that this announcement would occur today, suggesting that Warsh is a respected figure well-known in financial circles. Warsh has a long history, having served as the youngest Fed governor since 2006, and he has previously interviewed for the position in 2017, when the role was filled by Jay Powell. Powell’s term is set to expire in May.
While Warsh is considered a conventional choice after extensive deliberations, his hawkish stance during his previous tenure could raise questions regarding his alignment with Trump’s current policies. There remains a possibility that Trump could change his mind about the nomination before the formal announcement. The White House has not provided comments on the matter.
In related updates, Apple has reported record iPhone sales, achieving $144 billion in revenue, while HSBC is focusing on re-establishing its investment banking presence in Hong Kong following a missed opportunity during last year’s listing boom. Other economic highlights include upcoming GDP figures from the EU, France, and Germany, and earnings reports from American Express, ExxonMobil, and Chevron.
Additionally, major developments in international politics feature Trump’s request to Russian President Vladimir Putin to halt bombings in Kyiv for a week, amid severe winter conditions in the area.
Why this story matters:
- Potential shifts in Federal Reserve policy with new leadership.
Key takeaway:
- Kevin Warsh may be announced as Trump’s nominee for Fed chair, signaling a return to more conventional monetary policy.
Opposing viewpoint:
- Concerns over Warsh’s hawkishness may impact his relationship with Trump and his effectiveness in the role.
