Senate committee plans Warsh's Fed nomination hearing as soon as week of April 13, Punchbowl reports

The Senate Banking Committee is planning to ​hold its hearing on the nomination ‌of Kevin Warsh as chair of the Federal Reserve as soon as the week ​of April 13, Punchbowl News ​reported on Sunday, citing two sources ⁠familiar with the planning.

Political resistance has ​held up Warsh’s nomination in the ​Senate, with Fed Chair Jerome Powell remaining in place even as President Donald Trump presses ​for a successor willing to cut ​interest rates faster.

The uncertainty over the Fed's leadership ‌has ⁠collided with a worsening inflation backdrop, as oil prices have surged following U.S.-backed airstrikes on Iran and as ​an escalating ​war in ⁠the Middle East disrupts key shipping routes.

Traders now have ​little expectation for a rate ​cut ⁠this year, as higher energy costs feed into broader inflation and limit the ⁠scope ​for easing monetary policy.

Reuters