"Kevin Warsh cleared a 13-11 Senate Banking Committee vote on April 29, replacing Powell as Fed Chair in May 2026. Polymarket traders priced a 96% chance the Fed holds rates steady at the June 17 FOMC meeting."
"Warsh has signaled what he calls a regime change approach. He has pointed to artificial intelligence (AI)-driven productivity gains as a buffer against inflation and leaned toward rate cuts in his public remarks."
"With inflation holding above 3% and geopolitical tensions pushing on energy prices, building consensus among the other 11 voting members will be his first real test."
Kevin Warsh was confirmed by a 13-11 Senate Banking Committee vote to replace Jerome Powell as Fed Chair, effective May 2026. Markets indicate a 96% chance of the Fed holding rates steady at the June 17 FOMC meeting. Warsh has suggested that AI productivity gains could support rate cuts, but persistent inflation at 3.3% may complicate his decisions. Powell's final meeting as chair occurred on April 29, and Warsh will inherit the current federal funds rate of 350-375 basis points.
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