Senate Advances Kevin Warsh’s Nomination as Fed Chair

The U.S. Senate has advanced Kevin Warsh’s nomination to become the next Chairman of the Federal Reserve, signaling a likely transition in leadership at the central bank.

President Donald Trump nominated Warsh in January to replace incumbent Jerome Powell, whose term ends May 15, 2026. While some Republican senators have expressed opposition over a DOJ investigation related to Fed headquarters renovations, the Senate Banking Committee’s decision to advance Warsh’s nomination to a full Senate vote suggests significant momentum.

Prediction markets now price Warsh’s confirmation by May 15 at a 97% probability. Meanwhile, the odds of Powell exiting by May 14 sit at just 0.7%, but his departure by the end of June remains highly likely. Powell has indicated he plans to remain on the Fed Board until 2028, but the market sees a quicker leadership change.