Kevin Warsh nears Fed chair

Kevin Warsh is on the verge of being confirmed as the next Federal Reserve Chair after the Department of Justice dropped its criminal investigation into Jerome Powell.

The probe, which centered on headquarters renovation cost overruns, had been a significant hurdle for the transition in leadership.

President Trump has publicly pressured his nominee to implement immediate interest rate cuts upon taking office to stimulate the economy.

However, economists suggest Warsh may maintain a more cautious approach to monetary policy than the administration anticipates, given the persistent inflationary pressures from the Middle East conflict.