US President Donald Trump is expected to nominate Bitcoin-friendly Kevin Warsh as the next chair of the Federal Reserve when he announces his pick on Friday.
Trump said on Thursday that he will be announcing his pick to replace the central bank’s current chair, Jerome Powell, whose term finishes in May, on Friday morning, with Bloomberg, The Wall Street Journal, and The New York Times reporting that the president is set to announce Warsh as his nomination.
Reuters had earlier reported that Trump met with Warsh, who served as a Fed governor from 2006 to 2011, on Thursday, with one person briefed on the discussion saying Warsh impressed the president.
Warsh’s odds of being nominated as the next Federal Reserve chair surged from 30% to 95% on prediction market Polymarket, with the former frontrunner, BlackRock executive Rick Rieder, seeing his odds tank to 3.4%.
Kevin Warsh emerged as the frontrunner for Trump’s Fed chair pick on Polymarket. Source: PolymarketWarsh boasts similar odds of being Trump’s pick on Kalshi, at 93%, while Rieder and economist Kevin Hassett are at 5% and 2%, respectively.
Warsh is widely seen as a Federal Reserve chair nomination that would push for fiscal restraint, lower inflation, and an exit from quantitative easing.
Bitcoin can police policymakers: Warsh
Warsh holds a far more favorable view of Bitcoin (BTC) than Powell, who has largely dismissed the cryptocurrency’s role in the US economy.
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In an interview in July with the Hoover Institution, Warsh dismissed the idea that Bitcoin could undermine the Fed’s ability to manage the economy, stating that it could “provide market discipline.”
“I think it can often be a very good policeman for policy,” Warsh said at the time.
The US dollar strengthened, and Treasury yields rose in response to the growing anticipation that Trump would pick the more hawkish Warsh over Rieder and Hassett.
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Source: https://cointelegraph.com/news/trump-tipped-to-name-kevin-warsh-next-fed-chair?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
