Trump picks Kevin Warsh to head the Fed - Silver falls 28%, the worst day since March 1980
US President Donald Trump has nominated Kevin Warsh to succeed Jerome Powell as head of the Federal Reserve, ending a protracted odyssey that has roiled the central bank. The decision culminates a process that officially began last summer but began much earlier, with Trump launching a barrage of criticism against the Powell-led Federal Reserve almost since he took office in 2018.
"I have known Kevin for a long period of time and I have no doubt that he will be remembered as one of the finest Federal Reserve Chairs, perhaps the best," Trump said in a post on Truth Social.
Warsh will now face Senate confirmation. If confirmed, he would take over in May, when Powell's term expires. Warsh would fill the Board of Governors position currently held by Gov. Stephen Miran, whose term expired on Saturday. Miran could continue to serve until a replacement is named.
Stock markets reacted little to the news, but gold and silver were the biggest losers. Spot silver contracts fell about 28% to around $85 an ounce, marking their worst day since March 1980. Gold fell about 9% to near $4,880. On the other hand, the index that measures the performance of the US dollar against a basket of six major international currencies rose 0.8%.
Since Powell's confirmation in 2018, during Trump's first term, the president has repeatedly pressured policymakers to cut interest rates aggressively. Even with three consecutive cuts in the second half of 2025, Trump has continued his attacks, even accusing Powell of cost overruns during the renovation of the Federal Reserve's headquarters in Washington.
Trump's decision to nominate Warsh comes at one of the most uncertain times for the US central bank, with inflation not fully defeated, government borrowing escalating and the Federal Reserve itself facing unusual political pressure over how it conducts monetary policy.
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