Senator Thom Tillis reversed his opposition to Kevin Warsh's nomination as Federal Reserve Chair, removing a significant Senate roadblock to confirmation. The shift followed the Justice Department's decision to drop a criminal investigation into current Fed Chair Jay Powell. Warsh, a former Fed governor and Wall Street veteran, now has a clearer path to leading the world's most powerful central bank.
Who runs the Fed matters enormously for interest rates, and Warsh is widely viewed as more hawkish than Powell — meaning he may be less aggressive about cutting rates. That's a headwind for rate-sensitive assets like long-duration bonds and high-growth tech stocks, but could support the dollar. Investors should watch how bond markets reprice rate expectations as confirmation becomes more likely.
Senate Banking Committee: confirmation hearing date not yet set — watch for scheduling announcement in coming weeks. July 30–31: Next FOMC meeting where Powell still chairs, but Warsh's likely approach will increasingly shape market expectations.
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