US President Donald Trump has announced Kevin Warsh as his choice to head the US central bank, known as the Federal Reserve or Fed. He’ll replace Jerome Powell, who steps down in May. Warsh is a Republican and a former Fed governor. The announcement sent the US dollar soaring and the price of gold and silver plunging, apparently relieving concerns about the Fed’s independence. Warsh is seen as favouring lower borrowing costs, in line with Trump’s wishes. But Trump denies asking Warsh directly to cut interest rates.
Chapter Breakdown
0:00 Who is Kevin Warsh, Trump’s new pick to head the Fed?
0:52 Allie Kelly, reporter at Business Insider, on why Trump is interfering at the Fed
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