Trump nominates new chairman of the Federal Reserve

On the morning of January 30th local time, President Trump nominated former Federal Reserve Board Governor Kevin Warsh to be the next Federal Reserve Chairman, replacing current Chairman Powell. Warsh joined the Federal Reserve in 2006 and was the youngest Fed governor at the time. During his tenure at the Fed, Warsh held a hawkish stance on monetary policy, but in recent years he has shifted towards supporting Trump's tariff policies and advocating for faster rate cuts. Trump nominated Powell as Federal Reserve Chairman during his first term as President. At the time, both Powell and Warsh were considered by Trump, but Powell ultimately received the nomination. Powell's term as Federal Reserve Chairman will end in May of this year. Despite being appointed by Trump, Powell has been openly criticized by Trump for his monetary policy. Since taking office as President again last year, Trump has repeatedly attempted to interfere in the Fed's monetary policy decisions. Powell is currently under criminal investigation for the Federal Reserve's office renovation project.