Kevin Warsh to be sworn in as Fed chair on Friday

Kevin Warsh will be sworn in as chair of the Federal Reserve on Friday at a White House ceremony, a White House official said Monday. Warsh will replace Jerome Powell, whose term ended last week but who is remaining as chair pro tempore until the transition is completed. The Senate confirmed Warsh by a 54–45 vote, the narrowest margin ever for a Fed chair. Former President Donald Trump selected Warsh, betting the post-Powell Fed will return to cutting interest rates. Markets are skeptical: rate futures imply near-zero odds of a cut at the June meeting, with inflation still well above the Fed's 2% target.