Gate News message, April 20 — The U.S. Senate Banking Committee confirmed that the confirmation hearing for Kevin Warsh, the Federal Reserve chair nominee, will take place on April 21 at 10 a.m. ET (11 p.m. Korean time). Warsh, a former Federal Reserve board member, was nominated by President Donald Trump.
Market participants expect that if confirmed, Warsh will pursue aggressive interest rate cuts given his close alignment with the Trump administration. However, the hearing faces political uncertainty. While Republicans hold a 13-11 majority on the Banking Committee, Republican Senator Tom Tillis has stated he will oppose Warsh’s confirmation until the Justice Department investigation into Federal Reserve Chair Jerome Powell concludes. If Tillis votes against the nomination, the committee vote could result in a tie, preventing the nominee from advancing.
This week’s key macroeconomic data releases include U.S. March retail sales on April 21 at 9:30 a.m. ET, weekly jobless claims on April 23 at 9:30 a.m. ET (last week at 207,000, down 11,000 from the prior week), and preliminary April services and manufacturing PMI readings on April 23 at 10:45 a.m. ET. Market observers note that positive remarks from Warsh on rate cuts during the hearing could boost risk asset prices, including cryptocurrencies.
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