Overview
- the White House said Wednesday it has formally transmitted Warsh’s nomination to the Senate for a four-year term as chair.
- Sen. Thom Tillis has vowed to block consideration of Fed nominees until DOJ resolves its probe into Powell and the Fed’s headquarters renovation.
- Warsh is expected to push for lower interest rates, yet several Fed officials have questioned his AI-driven productivity case and he would need FOMC votes to cut.
- The U.S.-Israel conflict with Iran has lifted oil prices and injected new inflation risk, with Neel Kashkari urging caution as investors push expected cuts further out.
- Fed Governor Stephen Miran told Bloomberg TV that risks from the Iran conflict have not altered his view that the Fed should continue with quarter-point cuts this year.