Former President Donald Trump has publicly endorsed Kevin Warsh to replace Jerome Powell as Chair of the Federal Reserve, calling Powell a "negative force." The Senate Banking Committee advanced Warsh’s nomination with a narrow 13-11 vote, moving the process to a full Senate vote.
Powell’s current term ends May 15, 2026. Prediction markets now show a 92.3% probability that Warsh will be confirmed by that date. Market odds for Powell leaving early have dropped sharply. The shift reflects growing confidence in a leadership change and renewed debate over the Fed’s independence.
Monitors should watch the full Senate vote schedule and any public statements from Powell or Trump that could alter market expectations.