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ALL: Trump Names Former Fed Gov Kevin Warsh to Chair Fed
Highlights
President Trump has announced Kevin Warsh is his choice to succeed Jerome Powell as Fed chair. Warsh, a former Fed governor and a known quantity in financial markets, is a far more conventional pick than Kevin Hassett, who is best known for going on TV to advocate for Trump's partisan agenda.
Warsh has been very critical of the Fed for missing its targets and has called for change but one can imagine a more considered approach from Warsh, who is well-acquainted with the Fed as a former participant. For now, one should consider this appointment a lifeline for the dollar and US assets in light of the ongoing debasement of US assets under a Trump presidency.
Warsh must still be confirmed by the Senate, and he will face questions about what commitments he made to Trump to secure the nomination. Given Trump's attacks on the Fed's independence, markets are bound to view Warsh with skepticism until he proves his anti-inflation chops.
Definition
Market Focus details key factors in the coming day that will impact the economic outlook and the financial markets. These include central bank events, economic indicators, policymaker speeches as well as expected political and corporate developments.
Description
Keeping up-to-date with event schedules and the economic calendar is key to understanding the global financial system. Econoday's Market Focus allows investors and policymakers to carefully track what will be making news and moving the financial markets in the coming day.