Kevin Warsh wins Senate confirmation as the next Federal Reserve chair
CNBC • • general
Key Points:
- Kevin Warsh was confirmed as the next Federal Reserve chair in a closely divided 54-45 Senate vote, succeeding Jerome Powell whose term ends Friday.
- Warsh takes over amid President Trump's push for lower interest rates, despite recent inflation data showing levels well above the Fed's 2% target and increasing pipeline pressures.
- Warsh previously served on the Fed from 2006-2011, during which he criticized quantitative easing policies, and has been a vocal critic of current monetary policy since leaving the Fed.
- His confirmation is seen as a commitment to disciplined monetary policy, with supporters highlighting his focus on price stability and economic affordability.
- Warsh will be the wealthiest Fed chair in history, with over $100 million in holdings, and must divest many investments due to new ethics rules; his first Federal Open Market Committee meeting as chair is scheduled for June 16-17.