Trump Taps Warsh

President Trump announced Friday that he is nominating Kevin Warsh to replace current Fed Chair Jerome Powell, whose term ends in May.

Warsh is a former Fed governor (2006-2011) with degrees from Stanford and Harvard. He has a history of favoring high interest rates—prioritizing low inflation above economic growth during the Great Recession—but has more recently been critical of the Fed’s “hesitancy” to cut interest rates, earning Trump’s favor.

The price of gold and silver—which ride high on fears of instability—crashed Friday, signaling investors’ early confidence that Warsh will not simply enact any White House request. 

Warsh still needs to be confirmed by the Republican-controlled Senate, where his views on the Federal Reserve’s independence are expected to be a major focus. His confirmation is probable, but not certain.

Verse to consider whether you’re worried, excited, or indifferent about who takes office… “Blessed be the God and Father of our Lord Jesus Christ. Because of his great mercy he has given us new birth into a living hope through the resurrection of Jesus Christ from the dead and into an inheritance that is imperishable, undefiled, and unfading, kept in heaven for you.”
1 Peter 1:3-4 (CSB) (read full passage)