Trump nominates Warsh as next Fed chair. Why are stocks lower? [USA TODAY]
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Source: USA TODAY
Warsh , currently a fellow at the Hoover Institution and a lecturer at Stanford Graduate School of Business, would need to be confirmed by the Senate to replace Jerome Powell at the top of the Fed when his term expires in May. Warsh beat out BlackRock executive Rick Rieder, current Fed Governor Christopher Waller and current National Economic Council Director Kevin Hassett for the nomination and is seen as the most "hawkish" of the group. Hawks are vigilant on inflation so they tend to favor higher interest rates to fight it compared with "doves" who generally prefer lower rates to boost economic growth. Warsh's nomination eliminates the uncertainty of Trump's pick for the next Fed chair but his confirmation still isn't a sure bet. Sen. Thom Tillis, R-North Carolina, said he'll oppose Warsh's confirmation until the federal criminal probe of current Fed Chair Jerome Powell's handling of renovations at the Fed headquarters is resolved. Stocks, which normally thrive in a low-rate
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