world-economy

Powell Takes Interim Role as Warsh Awaits Swearing-In

The Federal Reserve board designated Jerome Powell as chair pro tempore Friday, establishing continuity at the central bank's helm during the transition period before Kevin Warsh's official installation. Warsh secured Senate confirmation this week in the narrowest-ever vote for a Federal Reserve chair, reflecting deep partisan divisions over monetary policy direction. The 56-year-old will assume leadership following one of the most politically contentious chairmanship transitions in recent Fed history. Governor Stephen Miran announced plans to resign upon Warsh's swearing-in, further reshaping the board's composition. Powell's interim designation ensures operational stability as markets await Warsh's full assumption of duties and the policy shifts expected under his leadership.