Warsh to succeed Powell at the Fed with inflation at three-year high

“The US Senate on Wednesday confirmed economist Kevin Warsh as the 17th chair of the Federal Reserve in a 54-45 vote, in a transition that hands control of the world's most influential central bank to President Donald Trump's pick at a moment of strong inflationary pressure. Warsh, a former Fed governor during the 2008 financial crisis and a former Morgan Stanley banker, will formally take office on Friday 15 May, following the departure of Jerome Powell, whose eight-year term has been marked by successive economic crises and a prolonged clash with the White House over the central bank's political independence.

Summary generated from the RSS feed of MercoPress. All article rights belong to the original publisher. Click through to read the full piece on en.mercopress.com.