Trump nominates Kevin Warsh for Federal Reserve chair to succeed Jerome Powell

Group 1 - President Trump has appointed Kevin Warsh as the new Federal Reserve chair, succeeding Jerome Powell, amidst significant turmoil surrounding the central bank [1][5] - Warsh's selection is expected to have minimal impact on the markets due to his previous experience with the Fed and the perception that he may not always align with Trump's directives [2][10] - The nomination process was competitive, initially involving 11 candidates, and was led by Treasury Secretary Scott Bessent, ultimately narrowing down to Warsh [8] Group 2 - The Federal Reserve is currently facing challenges such as persistent inflation, increasing government borrowing, and direct political pressure regarding its monetary policy [5][9] - Warsh has previously criticized the current Fed leadership, suggesting a "credibility deficit" among incumbents, which may lead to conflicts within the institution [4][3] - Market expectations indicate limited action from the new chair, with traders anticipating at most two more interest rate cuts this year, bringing the benchmark fed funds rate to around 3% [10]