Republican Senator Thom Tillis is blocking a Senate confirmation vote on Kevin Warsh's nomination to become the next Federal Reserve chair, despite publicly supporting Warsh during ongoing hearings. Separately, Senator Elizabeth Warren pressed Warsh on conflicts of interest and Fed independence during the same hearing. Tillis also called on the DOJ to drop its investigation into current Fed Chair Jerome Powell over building cost overruns.
Fed chair uncertainty is a direct input into market volatility — investors price assets differently depending on whether they expect a hawkish or dovish hand at the Fed's controls. Warsh is widely seen as more hawkish than Powell, meaning a confirmed Warsh could signal higher-for-longer rates, which would pressure growth stocks, long-duration bonds, and rate-sensitive sectors like real estate. Until confirmation is resolved, this uncertainty acts as a mild headwind for risk assets broadly.
Senate Judiciary Committee and full Senate floor schedule (watch for Tillis lifting his hold — no confirmed date yet). Next FOMC meeting: July 29-30, 2025. Jerome Powell's term as Fed chair expires May 2026.
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