At 6:51 a.m. ET, the Dow E-minis were down 162 points, or 0.33%, the S&P 500 E-minis were down 29.25 points, or 0.42%, and the Nasdaq 100 E-minis were down 146 points, or 0.56%.
Warsh is seen as a relatively moderate figure, one of the less radical choices and noticeably more cautious about deploying heavy monetary stimulus, despite his preference for lower interest rates.
Warsh, a lawyer and a leading visiting fellow in economics at Stanford University’s Hoover Institution, has said he believes the president is right to pressure the central bank for steep interest rate cuts, and has criticized the Fed for underestimating the inflation-lowering potential of productivity growth fueled by artificial intelligence.
He has also called for a broad overhaul of the central bank, which would shrink its balance sheet and relax banking rules.
Trump’s nomination of Powell’s successor, who must be confirmed by the Senate, comes amid unprecedented presidential efforts to exert control over the Fed.
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