Schiff in a post on X said, if for some reason, Trump didn't realize his pick is a hawk, there is still time for him to change his mind
- Schiff said that Trump wants to get rid of ‘Too-Late-Powell because he isn’t nearly dovish enough’.
- Warsh, a former Fed governor, is seen as a policy hawk with close ties to Wall Street.
- Fed Governor Stephen Miran praised the nominee Kevin Warsh and said that he expects Warsh will prove effective in his leadership of the Fed’s monetary policy committee.
Economist Peter Schiff on Friday criticized U.S. President Donald Trump’s decision to nominate Kevin Warsh for the next The Federal Reserve chair job.
“It makes no sense that Trump picked Warsh because he will be a monetary policy hawk,” Schiff said in a post on X.
Schiff said that Trump wants to get rid of ‘Too-Late-Powell because he isn’t nearly dovish enough’.
“So if, for some reason, Trump didn't realize his pick is a hawk, there is still time for him to change his mind,” he added.
Warsh Nomination
President Donald Trump on Friday nominated Kevin Warsh as the next Federal Reserve Chair.
Warsh, a former Fed governor, is seen as a policy hawk with close ties to Wall Street. In addition to his experience at the central bank, the 55-year-old has served as the Fed’s emissary to emerging and advanced economies in Asia.
Praise From Officials
Fed Governor Stephen Miran praised the nominee Kevin Warsh and said that he expects Warsh will prove effective in his leadership of the Fed’s monetary policy committee.
White House National Economic Advisor Kevin Hassett, once touted to be the top choice to be the next Federal Reserve Chair, also praised Warsh, saying he has high regard for his namesake.
U.S. equities declined in Friday’s pre-market trade. At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was down by 0.41%, the Invesco QQQ Trust ETF (QQQ) fell 1%, while the SPDR Dow Jones Industrial Average ETF Trust (DIA) declined 0.54%. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘extremely bearish’ territory.
Also Read: Fed And Other Top Officials Praise Trump's Fed Nominee Warsh, But Divided On Rate Cuts – Here’s Who Said What?
