Trump reveals Fed boss nominee

February 1, 2026

TL;DR

Donald Trump has chosen Kevin Warsh to replace Jerome Powell as the Federal Reserve chair.
Warsh's nomination suggests a potential willingness to lower interest rates, a policy Trump has long supported.
Trump had previously criticized Powell for not cutting rates.
Warsh, an academic and former Fed governor, has recently advocated for rate cuts.
Warsh has family ties to Ronald Lauder, a major Trump donor and businessman with holdings in Greenland and Ukraine.
Financial markets showed a muted reaction to the announcement, with minor dips in futures and a selloff in gold and silver.

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