Kevin Warsh, nominated by President Donald Trump as the next Chairman of the Federal Reserve (Fed), passed a key procedural hurdle in the Senate on the 11th (local time). Current Chairman Powell's term ends on the 15th. After undergoing a so-called 'cloture vote' today, the Senate plans to hold a confirmation vote for Warsh as a Fed Governor (for a 14-year term) as early as the 12th. Subsequently, a separate confirmation process for the Fed Chair's four-year term will begin, and that vote could take place as early as the 13th. The Republican-majority Senate is expected to approve Warsh's confirmation. The Fed's next meeting is scheduled for June 16-17 (local time), and there is a possibility that it will be the first meeting presided over by Warsh as Chairman.
