Trump set to name Kevin Warsh as next Federal Reserve chair, reports say

US President Donald Trump is expected to nominate Kevin Warsh as the next chair of the Federal Reserve, with the president saying he will announce his pick on Friday morning to replace Jerome Powell, whose term finishes in May, according to multiple media reports. Bloomberg, The Wall Street Journal and The New York Times reported that Trump is set to name Warsh, and Reuters earlier reported the president met with Warsh on Thursday; one person briefed on the discussion said Warsh impressed the president.

Warsh served as a Federal Reserve governor from 2006 to 2011. Prediction markets showed Warsh surging as the frontrunner: Polymarket odds reportedly rose from 30% to 95% for Warsh while BlackRock executive Rick Rieder fell to 3.4%. Kalshi showed similar odds, with Warsh at about 93% and Rieder and economist Kevin Hassett at roughly 5% and 2%, respectively.

Warsh is widely seen as a nominee who would push for fiscal restraint, lower inflation and an exit from quantitative easing. He has expressed a more favorable view of Bitcoin than Powell, telling the Hoover Institution in July that Bitcoin could "provide market discipline," that "Bitcoin doesn't trouble me" and that it can "help inform policymakers when they're doing things right and wrong" and "often be a very good policeman for policy." Markets reacted to the growing anticipation of a Warsh nomination, with the US dollar strengthening and Treasury yields rising, according to the report.

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