At the Fed: Warsh Secures Committee Approval; Powell Doesn’t Want to Leave

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At the Fed: Warsh Secures Committee Approval; Interest Rates Remain Unchanged; Powell Doesn’t Want to Leave

First, on the president’s nominee to serve as the next chairman of the Fed, from Financial Times: Kevin Warsh’s nomination as the next chair of the Federal Reserve has been approved by the Senate banking committee, moving Donald Trump’s pick one step closer to leading the US central bank. The committee voted 13 to 11 on Wednesday to allow Warsh’s candidacy to proceed to the Senate floor for a full vote, which is expected to take place in the coming days (Financial Times).

Then, re: interest rates: An unusually divided Federal Reserve on Wednesday held its key interest rate steady as policymakers grappled with the policy impact of persistent inflation and awaited a looming leadership transition at the central bank…. Amid expectations for a routine vote to hold the benchmark funds rate steady, the FOMC instead was split along 8-4 lines, with officials expressing different reasons for their vote. The last time four FOMC members dissented was in October 1992 (CNBC).

And: Chairman Powell is reticent to say, “goodbye”: Federal Reserve Chair Jerome Powell said Wednesday that he would stay on the central bank’s board after his chairmanship ends next month to defend the institution from what he called unprecedented legal attacks from the Trump administration. His decision marks a departure from decades of precedent and overshadowed deepening divisions over the path for interest rates…. His term as chair ends May 15 but a separate term as governor allows Powell to remain at the Fed until early 2028. For decades, Fed chairs have left the building when their successor is installed (Wall Street Journal).

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