President Trump Appoints Kevin Warsh as New Fed Chair
On [insert date], President Trump appointed Kevin Warsh as the new Chair of the Federal Reserve, succeeding Jerome Powell. Warsh’s selection comes after a highly publicized selection process, where Rick Rieder of BlackRock was initially viewed as the frontrunner. Warsh, a previous member of the Federal Reserve Board of Governors, is known for his hawkish stance on inflation, particularly during the 2008 financial crisis.
Market Reaction to Warsh’s Appointment
The announcement has caused significant market movements, particularly in precious metals, with silver reportedly dropping nearly 40% intraday on fears of a hawkish Fed. Despite this, the odds of a rate cut in December have increased following the appointment.
