All articles tagged with #jerome powell
President Trump urged incoming Fed chair Kevin Warsh to be 'totally independent' at a White House swearing‑in, aiming for a leader who won’t be swayed by outside voices. Critics warn Warsh could be a 'sock puppet' for Trump, while Warsh promises a reform‑oriented, independent Fed. The Fed has kept rates at 3.5%‑3.75%, with economists expecting them to stay there through 2026 amid inflation concerns and global tensions.
Two Trump-nominated Fed officials object to keeping Powell as chair pro tempore for an unlimited duration, arguing the designation should be finite; Powell will remain chair until Kevin Warsh is sworn in after his Senate confirmation, marking a transitional, time-limited leadership. Miran voted against the designation and Bowman abstained; Warsh could be sworn in as soon as next week following a 54-45 Senate vote. The episode underscores tensions over Fed independence amid partisan pressure and continuing debate over the path of monetary policy and rate cuts.
Bond traders believe inflation is running ahead of the Fed as Kevin Warsh takes over, suggesting policy may tilt toward tightening rather than further easing; Ed Yardeni argues the central bank may need to hike to curb inflation, while markets price in no rate cuts for the rest of the year amid inflation data showing a fresh uptick (CPI +3.8% year over year, wholesale +6%).
The US Senate confirmed Kevin Warsh 54-45 to chair the Federal Reserve, succeeding Jerome Powell. Warsh, a former Fed governor and Trump pick, will lead the central bank as inflation rebounds and policy paths spark debate, and has pledged to divest assets before taking office as Powell’s term ends.
The U.S. Senate is set to confirm Kevin Warsh as Federal Reserve chair, replacing Jerome Powell, as President Trump pressures the central bank to cut rates despite stubborn inflation; Warsh, formerly hawkish, has signaled support for looser policy, signaling a potential regime change at the Fed amid political pressure.
Democrats on the Senate Banking Committee say Kevin Warsh hasn’t built the bipartisan Capitol Hill support that helped Jerome Powell survive Trump, signaling a likely highly partisan confirmation and greater congressional oversight of the Fed.
Fed Chair Jerome Powell joked about staying low-profile during a recent news conference, a quip that quickly went viral and drew praise from viewers who called him a “legend” for his humor amid ongoing coverage of the Fed’s policy leadership.
Jeanine Pirro, the U.S. attorney in Washington, signaled that prosecutors could resurrect their inquiry into Federal Reserve Chair Jerome Powell after dropping it when a federal judge blocked subpoenas; she said the probe could resume if an internal audit finds misconduct, even as Powell resists President Trump’s push to cut interest rates.
Powell announced he will remain on the Federal Reserve board to see the DoJ probe through to a transparent close, denying Trump an immediate seat and delaying any broad reshaping of the central bank. The Fed meanwhile kept rates unchanged in an 8-4 vote, with three regional presidents dissenting and signaling they won’t support resuming cuts, underscoring continued independence from political pressure. Powell’s decision—framed as ensuring transparency and finality of the investigation—reflects a broader pattern where presidential pressure on the Fed backfires, and it leaves a vacancy timeline that stretches to 2028 unless openings arise.
Powell will remain on the Federal Reserve Board after his chair term ends May 15 to oversee the ongoing probe into the Fed HQ renovations, while Kevin Warsh has cleared a Senate committee to become the next Fed chair and is expected to be sworn in before Powell’s term ends. Analysts say the transition is unusual and likely to be slow and consensus-driven, with potential shifts in how the Fed communicates and conducts policy, as the board’s balance could tilt if more Trump appointees move.
Trump’s long-running push against Federal Reserve Chair Jerome Powell backfires as Powell opts to stay on the Fed’s Board of Governors after his chair term ends, depriving Trump of a favorable board majority and preserving central-bank independence. Despite continued public pressure and a DOJ probe that has wound down, Powell’s decision signals resilience to political pressure and prolongs the clash between Trump and the Fed.
Sen. Thom Tillis uses his one-vote Senate Judiciary Committee edge to demand that any Justice Department nominee explicitly reject the January 6 riot, warning he won’t back anyone who equivocated on the events. He previously facilitated a Warsh vote on Powell’s Fed tenure after a DOJ probe, while vowing to apply a “Martin standard” to future nominees and signaling continued GOP leverage over the Trump administration’s attorney general pick even as he faces retirement.
Federal Reserve Chair Jerome Powell said he will remain a Fed governor through January 2028 to protect the central bank from political interference, extending his influence beyond his chair term and denying President Trump an immediate vacancy on the Fed Board. He stressed the importance of independence amid political pressure and noted he plans to keep a low profile, even as an ongoing DOJ probe into the Fed’s headquarters renovations looms in the background.
The Federal Reserve kept rates at 3.5%–3.75% and maintained a wait‑and‑see stance amid Iran‑related uncertainty and higher energy costs, with a 3.3% inflation reading dampening near‑term cuts and suggesting any easing could be delayed to 2026; Powell will stay on the Fed board until the probe into him is resolved, while Trump’s legal attacks on the Fed are criticized as battering the institution; Warsh’s confirmation moves forward after the DOJ dropped the probe, making a Senate vote likely before Powell’s term ends on May 15.
The Senate Banking Committee voted 13-11 to advance Kevin Warsh’s nomination to chair the Federal Reserve, putting him closer to succeeding Jerome Powell. Democrats largely opposed, while GOP Sen. Thom Tillis lifted his blockade after the DOJ deferred to the Fed inspector general on the Fed HQ renovations probe, a move supporters say preserves central bank independence. The Fed is expected to hold rates steady at its meeting later today, with Powell likely giving what could be his final press conference as chair.