Senate Confirms Kevin Warsh as Fed Chair

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The U.S. Senate confirmed Kevin Warsh as the 17th chair of the Federal Reserve in a sharply divided 54-45 vote, the narrowest approval for a Fed chief in modern history. Warsh, a former Morgan Stanley banker and Bush adviser, will replace Jerome Powell on Friday and is expected to push for tighter coordination with the Treasury and faster balance-sheet reduction. Investors now await his first policy meeting on June 16-17 as inflation risks tied to the Iran conflict keep rate-cut expectations subdued.