• Trump’s most consequential hire? Kevin Warsh is set to testify before the Senate Banking Committee at 10 a.m. ET in a high-stakes confirmation hearing as President Donald Trump’s nominee to lead the US central bank.
• Inflation nation: If confirmed, Warsh would take the helm at a crucial time for the economy, with inflation still stubborn and at risk of reigniting if the war with Iran drags on.
• Fed independence in focus: Warsh is likely to be grilled by senators for his recent shift on interest rate cuts and his stance on Fed independence, and will face scrutiny of his multimillion-dollar wealth and business ties.
• An existential threat: Republican Sen. Thom Tillis has vowed to block the confirmation vote, citing a Justice Department criminal investigation into Fed Chair Jerome Powell that has been criticized as politically driven.
At this point, no one is really clutching their pearls at the idea that a Trump nominee for high office is fantastically wealthy. It’s practically a requirement under Trump 2.0. (See also: Commerce Secretary Howard Lutnick, Education Secretary Linda McMahon, Treasury Secretary Scott Bessent, and so on.)
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