U.S. Senate to Vote on Kevin Warsh's Fed Chair Confirmation on the 13th

Fed Governor Confirmation Approved

The U.S. Senate has approved the confirmation of Kevin Warsh, the nominee for the Federal Reserve (Fed) Chair, as a Fed Governor. The Senate plans to proceed with the confirmation process for the Chair position as well.

According to Bloomberg and other sources on May 12 (local time), the U.S. Senate approved the confirmation of Kevin Warsh as a member of the Fed Board of Governors in a 54-to-51 vote. On May 13, the Senate will hold a vote on his confirmation as Fed Chair. The term for the Chair is four years, and Jerome Powell's term runs until the 15th.

Warsh's appointment as Governor came as U.S. President Donald Trump has been pressuring the Fed to cut interest rates. On the same day, the Consumer Price Index (CPI) for April reached its highest level in three years, drawing attention to Warsh's leadership.

During his Senate confirmation hearing, Warsh stated, "Presidents tend to favor interest rate cuts," but also emphasized, "The independence of the Federal Reserve rests with the Fed itself," expressing his intention to make monetary policy decisions based on the Fed's independent judgment.

Meanwhile, the U.S. Department of Labor announced that the CPI for April rose by 3.8% year-on-year and by 0.6% compared to the previous month. Excluding the volatile food and energy sectors, the core CPI increased by 2.8% year-on-year and 0.4% month-on-month, both exceeding market expectations of 2.7% and 0.3%, respectively.