while," with risks running in both directions. The next Fed Chair has a hearing date, while the current one isn't budging on rates. The Senate Banking Committee confirmed that Kevin Warsh - Trump's pick to replace Jerome Powell - will sit for his confirmation hearing on April 21 at 10 a.m. Powell's term ends May 15, leaving a tight window for the Senate to act.
Warsh is a former Fed governor and Morgan Stanley executive worth at least $135 million, according to new financial disclosures filed with the Office of Government Ethics. Combined assets with his wife, Jane Lauder, could top $192 million, making him the wealthiest nominee in the Fed's history.
Senator Elizabeth Warren said there should be "no hearing or vote" while Trump continues what she called an attempt to take over the Fed. The bigger threat: Republican Senator Thom Tillis has said he won't vote for any Fed Chair nominee unless the Justice Department drops its probe into Powell. With a thin committee majority, Republicans need his vote to move the nomination forward.
Powell has said the Fed is "well positioned to wait" before changing rates, and Cleveland Fed President Beth Hammack backed that up on Tuesday by saying rates will "remain on hold for a good while." Hammack flagged energy prices as a key wildcard - high fuel costs could push inflation up and drag growth down at the same time. She noted the Fed has missed its 2% inflation target for five straight years.
The FOMC meets April 28-29 with no rate move expected. The bigger question is whether Warsh can get confirmed before Powell's term ends on May 15 - and whether Tillis follows through on blocking the vote.