New captain, same giant ship
Kevin Warsh was sworn in during a White House ceremony on Friday, officially stepping into the Fed chair role and starting a four-year run at the top of the central bank. He’s replacing Jerome Powell, whose term wrapped up earlier this month.
Why traders are already side-eyeing their screens
This isn’t just a ceremonial baton pass. The Fed chair can shape the entire macro vibe: interest-rate expectations, bond yields, mortgage rates, and the general amount of panic or confidence floating around Wall Street. If you own stocks, bonds, or a house with a mortgage, yeah, this is your problem too.
The other term in the fine print
Warsh was also confirmed last week to a 14-year term as a Fed governor, which means he’s not just walking into a temporary cameo. He’s got a long runway, and markets will be parsing every clue about how hawkish or dovish he wants to be.
Big picture: when the Fed changes hands, investors don’t just watch — they overanalyze every eyebrow twitch. This one could reset the market’s rate story in a hurry.