"The Senate banking committee is set to vote at 10am EDT to advance Warsh's nomination to the full Republican-controlled Senate. All 13 Republicans on the panel are expected to support Warsh after Thom Tillis dropped his opposition following the Department of Justice's decision to end a criminal investigation into Powell."
"The policy-setting federal open market committee is universally expected to leave its benchmark overnight interest rate unchanged in the current 3.50%-3.75% range, given still-elevated inflation and upward pressure on prices from the disruption to global oil supplies due to the Iran war."
"There is little doubt that the Senate will confirm Warsh, a 56-year-old lawyer, financier and former Fed governor who has promised regime change for the central bank and who Trump has repeatedly said will deliver the rate cuts the president wants."
Kevin Warsh is advancing toward confirmation as the new Federal Reserve chair, succeeding Jerome Powell. The Senate banking committee is expected to vote in favor of Warsh, with all Republican members supporting him. Democrats express skepticism about Warsh's independence from presidential influence. Powell is likely conducting his final policy-setting meeting, with interest rates expected to remain unchanged. Warsh's confirmation could occur by mid-May, but it remains uncertain whether Powell will leave the Fed or remain on the board.
Read at www.theguardian.com
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