Federal Reserve Chair Kevin Warsh asserted the central bank's independence and commitment to curbing inflation, indicating no tolerance for inflation above 2%. This stance likely forecloses the rate cuts sought by President Donald Trump, marking a shift in Warsh's views since becoming chair.
The Supreme Court in Trump v Slaughter overturned a 91-year precedent, allowing the president to fire independent agency heads at will, except for Federal Reserve board members. This ruling significantly expands presidential authority and is seen as a blow to congressional power and the administrative state.
Markel Hubinette of the American Chamber of Commerce in China highlighted the potential for increased US-China energy trade at a Beijing summit. He noted China's large energy market and the US's position as a major oil producer, suggesting expanded trade could benefit both nations.
The US Senate confirmed Kevin Warsh as the new Federal Reserve Chair, succeeding Jerome Powell, with party-line votes (54-45 for chair, 51-45 for governor). Warsh, previously a Fed governor under Bush and Obama, faces concerns over independence from the White House. His confirmation coincides with upcoming Senate Banking Committee markup on the Digital Asset Market Clarity Act (CLARITY), impacting crypto regulation.
Russian President Vladimir Putin will meet with New Development Bank President Dilma Rousseff in the Kremlin to discuss BRICS cooperation, including a digital payment platform, during her visit for the NDB Board of Governors' annual meeting.
The US Senate has approved Kevin Warsh as a Federal Reserve governor, with a vote on his confirmation as chair expected soon.
Kevin Warsh confirmed to Federal Reserve Board of Governors amid President Trump's push for lower interest rates, with a chairmanship vote pending.
Federal Reserve Chair Jerome Powell said Wednesday he will remain on the Board of Governors indefinitely while an investigation into the renovation of the central bank's headquarters continues. Powell's term as chair ends May 15, but he has two years remaining as governor. He called criticism from President Trump 'unprecedented in our 113-year history' and expressed concern about impacts on the Fed's independence. Kevin Warsh is poised to succeed Powell after clearing a Senate Banking Committee hurdle.
Federal Reserve Chair Jerome Powell announced he will remain on the Board of Governors indefinitely while an investigation into the renovation of the central bank's headquarters continues. His term as chair ends May 15, 2026, after which he will continue serving as a governor for an undetermined period. The statement came during his post-FOMC news conference, where markets had expected interest rates to remain steady. Powell also congratulated his successor Kevin Warsh, whose nomination cleared a Senate Banking Committee hurdle earlier Wednesday.
