Kevin Warsh Fed Chair Nomination Prepped by Trump Team, More
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Bloomberg understands that the Trump administration is preparing for the president to nominate Kevin Warsh as the next chair of the Federal Reserve. Donald Trump says he now plans to announce his pick for Fed chief later today. According to one source, the former Fed governor visited the White House yesterday. Speaking last night, President Trump teased his impending announcement without giving the name away.
I'm not going to say it tomorrow, but just an outstanding person and a person that... It won't be too surprising to people. A lot of people think that this is somebody that could have been there a few years ago. It's going to be somebody that is very respected, somebody that's known to everybody in the financial world, and I think it's going to be a very good choice. I hope so.
Donald Trump speaking there. Sources who spoke to Bloomberg on the basis of anonymity warned that the selection is not final until the announcement is made.
Kevin Walsh served on the US Central Bank's Board of Governors from 2006 to 2011 and has advised President Trump on economic policy. If nominated and confirmed, he would succeed Jerome Powell, whose term ends in May. Stocks fell and Treasury yields pushed higher on bets that Walsh will become the next Fed chair. Mike McKee is Bloomberg's international economics and policy correspondent.
The thing about Warsh and the reason you're seeing markets react the way they are at the moment is that he was very, very hawkish when he was on the Fed before. Even when inflation was low, he wasn't ready to cut interest rates. And obviously, that's completely contrary to what President Trump wants. So how does he handle that? And how does he see the role of interest rates in keeping the economy afloat and bringing inflation down?
Mike McKee speaking there. As Walsh has aligned himself with the president in recent months, he's notably been arguing publicly for lower interest rates and going against his longstanding reputation as an inflation hawk.
The arrival of a US aircraft carrier strike group in the Middle East means President Donald Trump has new options to carry out his threats to attack Iran. The group has about 45 aircraft. But President Trump's goals remain unclear, with his message shifting from removing Iran's leaders, punishing the regime for its deadly crackdown on protesters or extracting a new nuclear agreement. The New York Times is reporting that the US president has been presented with an expanded list of potential military options by the Pentagon. According to the newspaper, the current set of options even includes the potential for American forces to carry out raids on sites inside Iran and that officials say Trump is taking a similar approach to Iran as he did to Venezuela.
What are the implications of Kevin Warsh's nomination as Fed Chair?
Apple has delivered record quarterly sales and a better-than-anticipated forecast for the current period. Sales at the tech giant trounced Wall Street estimates, jumping 16% to $143.8 billion in the final three months of 2025. Bloomberg's chief correspondent Mark Gurman says it's hard to put into words just how good the results are.
Massive, massive quarter. This is a home run, their greatest quarter ever by... orders of magnitude. It's a gigantic beat on overall revenue.
How does Donald Trump's announcement affect the Fed's future?
China is back. You have a big beat on the iPhone in particular. Eighty five billion dollar quarter is just insane. The installed base two and a half billion. The numbers are just beyond excellent.
Bloomberg's Mark Gurman setting out the positive results there, driven by the iPhone 17. But Apple has warned that rising component costs are threatening to squeeze margin.
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