Bitcoin continues holding pattern near $77,000 ahead of Kevin Warsh taking over at Fed
CoinDesk • • general
Key Points:
- Kevin Warsh has been sworn in by President Trump as chairman of the U.S. Federal Reserve, replacing Jerome Powell, who remains a Fed governor; Warsh emphasized reform and integrity in his remarks.
- Bitcoin is trading steady near $77,000, while U.S. stocks show modest gains with the Nasdaq up 0.5% and the S&P 500 up 0.4% ahead of a three-day weekend.
- The University of Michigan Consumer Sentiment Index for May dropped to a record low of 44.8, signaling deteriorating consumer confidence, while inflation expectations for 1-year and 5-year horizons have risen.
- Economic challenges, including rising oil prices due to the Iran conflict, are fueling stagflation concerns as Warsh takes over the Fed, with market expectations now pricing in over a 70% chance of interest rate hikes by the end of 2026.