Reserve Chair

The hearing marks a key hurdle Kevin Warsh must overcome in order to succeed Jerome Powell when his term ends on 15 MayHello and welcome to the US politics live blog.President Donald Trump’s choice to lead the Federal Reserve will commit to protecting central bank independence on interest rates at a crucial confirmation hearing later today.Lori Chavez-DeRemer, Donald Trump’s labor secretary, resigned from her role with the administration. She said it was “an honor and a privilege to serve” to serve and that she would take on a job in the private sector. The departure came after she became entangled in a string of political and personal controversies. Democrats celebrated, writing “this administration is imploding”.Chuck Schumer, the Senate minority leader, called for Kash Patel’s immediate resignation following a report from the Atlantic detailing the FBI director’s alleged excessive drinking and absences. Patel has sued the magazine for defamation with his attorneys calling the article a “sweeping, malicious, and defamatory hit piece”.Donald Trump signed memorandums related to coal supply chains, natural gas and grid infrastructure on Monday. The president invoked the Defense Production Act in the energy-related memos, writing that increasing energy production is “essential to United States national defense”.The crowded field of Democratic candidates in the California’s governor’s race appears to be narrowing as Betty Yee — a former state controller— announced Monday she planned to end her campaign. Meanwhile, the California Democratic party chair Rusty Hicks continued to urge candidates trailing in the polls to exit the race. Continue reading...

• President Donald Trump is backing Kevin Warsh as his preferred candidate for Federal Reserve chair, intensifying pressure on current Fed Chair Jerome Powell amid ongoing policy disagreements. • Republican Senator Kevin Cramer discussed the timeline for the CLARITY Act and Trump's strategy to reshape Federal Reserve leadership during an appearance on 'Mornings with Maria.'

• Kevin Warsh was nominated as the next Federal Reserve Chair, set to succeed Jerome Powell in May 2026. • Warsh, a critic of the Fed’s quantitative easing policies, is viewed by markets as a steady hand amid economic uncertainties. • The nomination comes as PCE inflation rose to 2.9% and core PCE to 3.0% year-on-year in March, aligning with consensus expectations.

• A federal judge on March 14, 2026, blocked subpoenas directed at the Federal Reserve by the Justice Department, hitting an institutional guardrail for the Trump administration. • The ruling delays confirmation of Kevin Warsh as next Fed Chair, with Republican Senator Thom Tillis warning of prolonged process; DOJ plans to appeal. • This occurs amid fading confidence in US trade policy and fiscal credibility, maintaining bearish USD views.

A federal judge on Friday threw out two Justice Department subpoenas targeting the Federal Reserve, ruling them improper in U.S. Attorney Jeanine Pirro's criminal investigation into Chair Jerome Powell. U.S. District Judge James Boasberg, in a 27-page opinion, stated the subpoenas' dominant purpose was to harass Powell amid President Trump's public attacks, handing a victory to the central bank. The decision underscores escalating tensions between the Trump administration and the Fed, potentially delaying probes into monetary policy decisions. Legal experts anticipate appeals as the case highlights executive-branch overreach concerns.

A judge rejected subpoenas targeting Fed Chair Jerome Powell on March 13, 2026, preventing potential disruptions during a tense market session as indexes fell. The decision came amid broader equity declines, with S&P 500 down 0.5% and Nasdaq off 0.67% in afternoon trading. This ruling stabilizes central bank communications at a critical juncture for monetary policy amid inflation pressures. Markets may now focus on upcoming PCE data releases without subpoena overhang.

A judge rejected a subpoena for Federal Reserve Chair Jerome Powell on March 13, 2026, blocking forced testimony amid ongoing investigations. The decision came during heightened market volatility from oil prices and geopolitical risks, stabilizing expectations for central bank independence. Markets reacted positively in S&P 500 futures, reducing uncertainty over Fed policy signals. This ruling may delay further probes into 2025-2026 rate decisions.