Fed Chair Nominee Kevin Warsh to Meet Blocking Senator Tillis as Confirmation Hangs in the Balance

Federal Reserve Chair Jerome Powell has led the Fed through rate cuts, leaving the rate at 3.5–3.75% as his term ends May 15. Trump's nominee to replace him, Kevin Warsh, is set to meet this week with Senator Thom Tillis of North Carolina, who has been blocking the nomination. Tillis has praised Warsh but refuses to vote for any Fed nominees until the Department of Justice drops a criminal investigation into Powell. Warsh will also meet with Senator Kevin Cramer of North Dakota, with further meetings with Senate Banking Committee members expected this week. Oil disruptions from the Iran war have prompted some Fed officials to question whether rate cuts can continue, and investors widely expect rates to hold steady next week. Trump wants rates cut to 1% or lower, and Warsh is expected to push for cuts immediately upon confirmation.