J P M O R G A N North America Economic Research 30 January 2026 First thoughts on Chair Warsh After a very lengthy and public search, this morning the president finally nominated Kevin Warsh to be the next Fed chair. As a Fed governor from 2006 to 2011, Warsh often leaned hawkish, particularly in the years after the GFC. Recently, however, his remarks have leaned more dovish, which happens to align with the administration's monetary policy preferences. So the first set of questions that the Warsh nomination ...

We have seen this fight over stablecoin yields before, and history instructs us that we should not shortchange innovation in favor of protecting incumbent interests. Right now, the banking lobby is pushing hard to upend the bargain Congress struck in the GENIUS Act last year. In that landmark bill, Congress prohibited stablecoin issuers — those who are statutorily permitted to create and offer stablecoins in the United States — from offering stablecoins that paid the holder an interest rate. In other words ...