CHOSEN CANDIDATE

Last Friday, President Trump effectively nominated Kevin Warsh to be the next Fed chairman. Warsh, a former Fed Governor, has aligned himself with the President’s criticism of the Fed and a desire for lower rates. Warsh will now have to satisfy a president patiently impatient for lower rates by convincing a central bank that is quite divided and rather reluctant to lower rates soon. Warsh’s future will likely be somewhat…..turbulent.