Naming a New Fed Chair Overshadowed the FOMC Meeting

U.S. continues to lead the world with its domestic GDP growth, and once Kevin Warsh will be confirmed, the U.S. dollar is expected to continue to firm up.

Kevin Warsh during the G-20 Financial Ministers and Central Governors meeting at Paradise Hotel in Busan, South Korea, on June 4, 2010. Chung Sung-Jun/Getty Images

Commentary

Last week’s Federal Open Market Committee (FOMC) meeting was overshadowed by President Trump’s announcement nominating Kevin Warsh to be the next Chairman of the Fed. Since Senate confirmation is required for this post, I suspect there will be a big debate about inflation. In this context, I’d say Warsh was a great pick, and likely a safe pick to clear confirmation as a well-respected independent thinker.