The President of the United States, Donald Trump, has nominated Kevin Warsh as the new head of the Federal Reserve (Fed) to replace Jerome Powell. "I've known Kevin for a long time, and I have no doubt that he will become one of the great presidents of the Fed, maybe the best," Trump stated on his Truth Social platform. "He will never let you down," added the American leader. Trump has been engaged in a tough battle with Powell, demanding an interest rate cut, which the current head of the Fed could not accommodate. The nomination will be submitted to a Senate vote, where Republicans hold the majority. This nomination will impact the markets as it will change the financial dynamics given the objective that Trump has.
