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#WhiteHouseSubmitsWarshNomination
🔹 Slight volatility was observed in stock markets after the official submission of the nomination; in the crypto markets, Bitcoin briefly approached the $74,000 level (up 9%+ from the previous low of $60,000). $1.1 billion flowed into spot Bitcoin ETFs.
🔹 Republican Senator Thom Tillis announced he would block Warsh's confirmation until the Justice Department's investigation into Jerome Powell is complete. This is seen as the biggest obstacle that could delay the confirmation process. Despite this, Treasury Secretary Scott Bessent stated that the Senate Banking Committee would proceed with hearings quickly.
🔹 In the betting market Polymarket, Warsh's probability of becoming Fed Chairman is priced at 95% (total volume ~$491,000). Other candidates (Judy Shelton 3%, others <1%) are almost at zero.
✨Trump has long been pushing for interest rate cuts, criticizing Powell's tenure as "high-interest rate." Warsh's appointment signals closer coordination between monetary and fiscal policy and potentially more aggressive easing measures. The White House describes Warsh as someone who will "reform the world's most influential central bank."
✨However, due to Tillis's obstruction and potential Democratic opposition, the confirmation process may be "substantive." If confirmed, Warsh will lead the Fed's interest rate, inflation, and financial stability policies from mid-May.
🔹Trump announced Kevin Warsh's nomination for Fed Chairman via Truth Social. He received widespread support from the Wall Street Journal, the Hoover Institution, and various Republican circles; his experience as a Fed Governor during the 2008 crisis was highlighted.
🔹The White House officially submitted the nomination to the Senate (White House Presidential Actions notice). This step officially initiated the confirmation process by the Senate Banking Committee.
🔹Jerome Powell's term as chairman ends on May 15, 2026. Warsh needs Senate confirmation to take office; confirmation is considered highly likely in the Republican-majority Senate, but there are obstacles in the process.
#WhiteHouseSubmitsWarshNomination