Sonja Hutson

Plus, the Bank of England wants to roll out the welcome mat to stablecoins.

I'm Sonia Hudson, and here's the news you need to start your day.

The U.S.

Senate confirmed Kevin Warsh as the next federal reserve chair yesterday.

It was a turbulent journey, but lawmakers ultimately voted 54 to 45 in favor of his appointment.

Warsh is no stranger to the Fed.

He served as a governor in the mid 2000s.

U.S.

President Donald Trump is expected to sign off on his confirmation, but Warsh has to sell off more than $130 million in assets before he steps into his new job.

Jay Powell could remain chair until that's settled.

Warsh enters the role with an American economy that's facing high inflation.

Data from this week showed sharp price rises in April.

The Bank of England is loosening its stance on crypto.

The central bank is preparing to water down its planned restrictions on stablecoins.

The move comes after crypto companies criticized the UK for being too conservative in its approach to digital assets.

The FT's Martin Arnold broke this story.

He covers financial regulation for us.

Hi, Martin.

So Martin, I said that the BOE is planning to soften its proposed restrictions on stablecoins.

What would that look like?