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Trump Picks Warsh for Fed Chair - Is He Bullish for USD?
President Trump's FOMC Chairman pick, Kevin Warsh, is seen as relatively independent and less dovish than other candidates, but there are reasons to think that he may cut rates more than traders expect. FOREX.com's Global Head of Research Matt Weller breaks down the key news you need to know ahead of the US Open, as well as taking a look at today’s chart of the day, the US Dollar Index (DXY).
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TRUMP ADMINISTRATION SAID TO BE PREPARING WARSH FED CHAIR NOMINATION - BLOOMBERG NEWS
I am pleased to announce that I am nominating Kevin Warsh to be the CHAIRMAN OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Kevin currently serves as the Shepard Family Distinguished Visiting Fellow in Economics at the Hoover Institution, and Lecturer at the Stanford Graduate School of Business. He is a Partner of Stanley Druckenmiller at Duquesne Family Office LLC. Kevin received his A.B. from Stanford University, and J.D. from Harvard Law School. He has conducted extensive research in the field of Economics and Finance. Kevin issued an Independent Report to the Bank of England proposing reforms in the conduct of Monetary Policy in the United Kingdom. Parliament adopted the Report's recommendations. Kevin Warsh became the youngest Fed Governor, ever, at 35, and served as a Member of the Board of Governors of the Federal Reserve System from 2006 until 2011, as the Federal Reserve's Representative to the Group of Twenty (G-20), and as the Board's Emissary to the Emerging and Advanced Economies in Asia. In addition, he was Administrative Governor, managing and overseeing the Board's operations, personnel, and financial performance. Prior to his appointment to the Board, from 2002 until 2006, Kevin served as Special Assistant to the President for Economic Policy, and Executive Secretary of the White House National Economic Council. Previously, Kevin was a member of the Mergers & Acquisitions Department at Morgan Stanley & Co., in New York, serving as Vice President and Executive Director. I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best. On top of everything else, he is “central casting,” and he will never let you down. Congratulations Kevin! PRESIDENT DONALD J. TRUMP 
Trump nominates Kevin Warsh for Federal Reserve chair to succeed Jerome Powell President Donald Trump on Friday named Kevin Warsh to succeed Jerome Powell as Federal Reserve chair, ending a five-month odyssey that has seen unprecedented turmoil around the central bank. The decision culminates a process that officially began last summer but started much earlier than that, with Trump launching a fusillade of criticism against the Powell-led Fed almost since Powell took the job in 2018. “I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best,” said Trump in a Truth Social post announcing the selection. The pick of Warsh, 55, likely wouldn’t ripple markets because of his past Fed experience and Wall Street’s view that he wouldn’t always do Trump’s bidding. “He has the respect and credibility of the financial markets,” said David Bahnsen, chief investment officer of The Bahnsen Group, on CNBC’s “Squawk Box.”
TRUMP SAYS FED CHAIR PICK TO BE ANNOUNCED TOMORROW MORNING *TRUMP: FED CHAIR PICK KNOWN TO EVERYONE IN FINANCIAL WORLD ... TRUMP SAYS HE WILL KNOW TONIGHT WHAT HAPPENS WITH SHUTDOWN TRUMP SAYS A TEAM IS HEADED TO IRAN