Senate confirms Kevin Warsh as new Fed chair
The U.S. Senate has confirmed Kevin Warsh as the new Federal Reserve chair, succeeding Jerome Powell. Warsh’s term begins as Powell’s ends on May 15.
The markets are already reacting to the change, with the 30-year bond yield above 5% at 5.045% and the 10-year yield at 4.478%. The two-year yield is 3.99%.
The Federal Reserve decisions are made by a 12-member board, including Warsh and 11 other members from regional Federal Reserve banks. All 19 participants contribute to discussions, although only 12 members vote.
Warsh’s leadership will be tested as the markets adjust to the new Fed chair.