Kevin Warsh, a former Federal Reserve governor, is rapidly emerging as President Donald Trump's pick for the next chair of the Federal Reserve (Fed). Warsh is currently a director at Korea e-commerce corporations Coupang.
Bloomberg News reported on the 29th (local time) that as Warsh rose as a candidate for the next Fed chair, U.S. stock index futures and the cryptocurrency market fell across the board. Warsh has traditionally been categorized as a hawk on inflation.
According to the report, Warsh held a one-on-one meeting with President Trump the previous day, and Trump is said to have made up his mind to appoint Warsh as the next Fed chair.
However, Bloomberg said Warsh has recently aligned with President Trump and is strongly calling for interest rate cuts. This amounts to a shift from an inflation hawk to a monetary easing stance.
Warsh, 55 this year, majored in economics and political science at Stanford University, then earned a Juris Doctor from Harvard Law School. He later joined an investment bank and served as vice president in Morgan Stanley's mergers and acquisitions (M&A) institutional sector.
He served as a Fed governor from 2006 to 2011, then joined the Trump camp and has acted as an economic adviser. He is currently a director at Coupang and U.S. logistics corporations UPS.
Meanwhile, President Trump is scheduled to officially announce the candidate for the next Fed chair on the morning of the 30th local time.