Analysis: Trump finally gets his man at the Fed. Will Kevin Warsh disappoint him?
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- It has taken 8½ years, but on Wednesday President Donald Trump finally succeeded in reversing one of the few mistakes he has admitted to making as president.
- The question that has consumed the markets as the Senate moved toward Wednesday's confirmation is whether Trump will come to regret this decision, too.
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It has taken 8½ years, but on Wednesday President Donald Trump finally succeeded in reversing one of the few mistakes he has admitted to making as president. In November 2017, Trump chose Jerome Powell to chair the Federal Reserve, opting for someone he saw as malleable over a charismatic but youthful former Fed governor, Kevin Warsh. Trump has regretted it ever since.
The question that has consumed the markets as the Senate moved toward Wednesday's confirmation is whether Trump will come to regret this decision, too. Fed chairs "change once they get the job," Trump said in January. If Warsh loses Trump's backing, the new Fed chair may not have the bulwark of congressional support that helped Powell resist Trump.