United States · Business news · Policy & Regulation · 14 May 2026
The Senate voted 54-45 to confirm Kevin Warsh as Federal Reserve chair for a four-year term, succeeding Jerome Powell after eight years in the job. Warsh, a Fed governor from 2006 to 2011 and earlier a Morgan Stanley M&A banker, pledged 'regime change' at the central bank and has criticised it as too political and too open in how it communicates decisions. His first meeting as chair was scheduled for June 16-17.
A chair who wants less forward guidance adds uncertainty to the rate path at a time of energy-driven inflation, and that feeds into Treasury yields and the cost of capital for banks, mortgage lenders, homebuilders and highly valued growth stocks. Investors also watch how a Trump-nominated chair handles White House pressure for lower rates, since perceived Fed independence affects long-term bond yields.
Reported by The Accountant (via Yahoo Finance) — “Kevin Warsh confirmed as next Federal Reserve chair” ↗ on 14 May 2026.
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