Kevin Warsh wins Senate confirmation as Fed chair amid inflation pressure

Kevin Warsh has been confirmed by the Senate as the new Federal Reserve chair, a move that places a critic of past central bank policies in charge amidst President Donald Trump's desire for lower interest rates and rising inflation concerns. The Senate confirmed Warsh with a narrow 54-45 vote, largely along party lines. He will succeed Jerome Powell, whose term ends soon, and is expected to preside over the June 16-17 FOMC meeting where rate cuts will be debated against elevated inflation. Recent data shows price pressures exceeding the Fed's 2% target, impacting market expectations for rate cuts. Warsh, a former Fed governor from 2006-2011, has previously criticized the Fed's balance sheet expansion. While Trump has advocated for lower rates, Warsh has reportedly made no policy commitments, raising questions about the Fed's independence. Supporters, like Rep. French Hill, highlight Warsh's focus on affordability and price stability. Warsh will also occupy Stephen Miran's board seat, who favored more frequent rate cuts.

(Source：Crypto Briefing)