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Sen. Thom Tillis on Friday reiterated his intent to hold up President Trump's pick for Fed chair until the Justice Department ends its criminal probe of Jerome Powell.
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The nomination of Kevin Warsh "avoids a lot of the worst-case scenarios, but it's still unclear what impact he will have on rates," one strategist said.
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Kevin M. Warsh, whom Mr. Trump tapped to become the next chair of the Federal Reserve, could face fierce resistance if he tries to pursue substantially lower borrowing costs.
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Stocks fall as investors weigh latest earnings, Warsh Fed chair pick; S&P 500 on pace for January gain: Live updates CNBCTrump names Kevin Warsh as his pick to replace Jerome Powell at the Federal Reserve CNNWarsh's Challenge: Navigating Fed Independence and Trump's Demands U.S. News & World ReportSen. Tillis will oppose Trump Fed chair pick Warsh until Powell probe resolved CNBC
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Warsh would replace current chair Jerome Powell when his term expires in May.
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Federal Reserve governor Chris Waller, who was one of President Donald Trump's finalists as the next central-bank chief, said Friday that the Fed should have cut interest rates this week because of a poor U.S. job market.
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The Wall Street veteran once held hawkish views on interest rates but has recently signaled a stance more in line with the president's public demands.
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Warsh, is a Stanford University graduate who earned his law degree from Harvard.
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President Donalf Trump nominates Kevin Warsh as new Fed chair, potentially affecting interest rates and the economy
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President Donald Trump has selected Kevin Warsh to serve as the next chair of the Federal Reserve, putting a well-known critic of the U.S. central bank in its top job.
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President Donald Trump said he'll announce his nominee to chair the Federal Reserve on Friday morning — and prediction markets have turned sharply toward a former Fed governor for the post.
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Fact Sheet: President Donald J. Trump Launches the Great American Recovery Initiative to Address the Addiction Crisis The White House (.gov)Trump signs order launching new initiative to address drug addiction CBS NewsWatch: Trump unveils federal initiative addressing drug addiction The Hill
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