Evolution, Not Revolution For The Federal Reserve
2026-01-30 11:01:00 ET
By James Knightley, Chief International Economist, US
Kevin Warsh set to be named new Fed chair, but will Powell stay on?
The battle between a president who believes the Federal Reserve should be cutting interest rates and an incumbent chair focused on protecting the central bank’s credibility to fulfil its Congressional statutory mandate – maximum employment and price stability – has been a gripping watch. Notionally, it should conclude on 15 May when Jerome Powell’s term as chair ends. However, barring a seismic economic shock, the president’s demands that the new chair cut interest rates “at least two to three points” to juice growth will not be met, risking a re-escalation in tensions down the line....
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Evolution, Not Revolution For The Federal Reserve
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