Kevin Warsh was confirmed by the Senate in a 54-45 vote to succeed Jerome Powell as chair of the Federal Reserve.
• Warsh is expected to take a more aggressive approach toward interest rate cuts while pushing major internal changes at the Fed.
• Among the changes he has proposed are reducing the Fed’s $6.7 trillion balance sheet, cutting the number of policy meetings, and scaling back frequent market guidance.
• Despite becoming Fed chair, Warsh will still hold only one vote on the Federal Open Market Committee, meaning major rate decisions will continue requiring broader committee support.
