President Donald Trump Nominates Kevin Warsh to Succeed Jerome Powell as Federal Reserve Chair
President Donald Trump nominated Kevin Warsh to lead the Federal Reserve today. Markets fell as investors weighed the choice alongside recent inflation signals.
Insights:
President donald trump has nominated former Federal Reserve Governor kevin warsh to succeed jerome powell as chair of the U.S. central bank. The move comes as the term for jerome powell is set to end in May. The appointment of kevin warsh now requires Senate confirmation before he can take the helm of the most influential financial institution in the 
US.
US.Markets reacted immediately to the news on Friday with US stocks experiencing a decline on the day of the report. At 11:58 a.m. ET, the Dow Jones Industrial Average fell 421.27 points, or 0.86%, to 48,650.29, while the S&P 500 lost 39.69 points, or 0.57%, to 6,929.41. The Nasdaq Composite lost 175.50 points, or 0.74%, to 23,509. Additionally, the small-cap Russell 2000 index fell 1.6% in intraday trading. Despite the broad market dip, the CBOE volatility index eased to 17.3 points from a one-week high of 19.31 hit on Thursday.
US stocks experiencing a decline on the day of the report. At 11:58 a.m. ET, the Dow Jones Industrial Average fell 421.27 points, or 0.86%, to 48,650.29, while the S&P 500 lost 39.69 points, or 0.57%, to 6,929.41. The Nasdaq Composite lost 175.50 points, or 0.74%, to 23,509. Additionally, the small-cap Russell 2000 index fell 1.6% in intraday trading. Despite the broad market dip, the CBOE volatility index eased to 17.3 points from a one-week high of 19.31 hit on Thursday.
