Warsh to succeed Powell at the Fed with inflation at three-year high

The US Senate on Wednesday confirmed economist Kevin Warsh as the 17th chair of the Federal Reserve in a 54-45 vote, in a transition that hands control of the world's most influential central bank to President Donald Trump's pick at a moment of strong inflationary pressure. Warsh, a former Fed governor during the 2008 financial crisis and a former Morgan Stanley banker, will formally take office on Friday 15 May, following the departure of Jerome Powell, whose eight-year term has been marked by successive economic crises and a prolonged clash with the White House over the central bank's political independence.