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President\u00a0Donald Trump<\/a>\u00a0has picked Kevin Warsh<\/a>\u00a0to succeed Jerome Powell<\/a> as chair of the Federal Reserve<\/a>. In keeping with the president\u2019s push for lower interest rates, Warsh is expected to be more supportive of cutting the Fed\u2019s key benchmark rate later this year. <\/p>\n \u201cI have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best,\u201d said Trump in a\u00a0Truth Social post<\/a> on Friday. <\/p>\n Fed board members are nominated by the president but must be approved by the Senate.\u00a0If confirmed, Warsh will take over for Powell when his term ends in May, opening the door to a potential change in the direction of monetary policy over the second half of 2026.<\/p>\n Warsh, a former Fed governor with a Wall Street background, has been critical of the central bank\u2019s handling of inflation<\/a> in the past and told CNBC in July<\/a> that its hesitancy to cut interest rates<\/a> undermined its credibility.\u00a0<\/p>\n \u201cBased on his past statements and actions in his previous stint as a Fed Governor, Warsh was by far the most hawkish of the four final candidates for Fed Chair,\u201d said Brett House, an economics professor at Columbia Business School.<\/p>\n<\/div>\n