Stephen Miran has stepped down from the Federal Reserve Board of Governors, clearing the way for the Senate's confirmation of Kevin Warsh as the new Fed Chair. This move prevents the board from exceeding its legal composition while Jerome Powell remains a governor.
Kevin Warsh, nominated by President Trump, is set to lead the central bank with a more hawkish monetary policy stance aligned with the White House's economic agenda. Warsh, a former Fed Governor during the 2008 financial crisis, is known for his conservative approach.
Prediction markets are pricing the transition at near certainty: 99.9% odds that Jerome Powell will be out as Fed Chair by May 31, 2026.