“The Senate narrowly confirmed Kevin Warsh chair of the Federal Reserve, setting up the most controversial leadership transition at the U.S. central bank in decades and a test of its political independence,” Bloomberg reports.
“The 54-45 vote Wednesday was the slimmest confirmation margin ever for a head of the central bank, reflecting polarized politics in Congress and Democratic fears that Warsh will bend to President Donald Trump’s demands to rapidly lower interest rates.”
CNBC: “Trump has made no secret that he expects Warsh to lower rates after having lashed out repeatedly at Powell for monetary policy the president has felt was too restrictive.”
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