This time we really have to say goodbye to Powell, just as the Senate approved Kevin Warsh to serve as the Chairman of the Federal Reserve, replacing Powell, and Warsh will be sworn in for both positions of Governor and Chairman.

Of course, from a procedural standpoint, we still need to wait for the White House to complete the final document signing, but we all know this is not an issue, so Warsh can already be confirmed as the new Chairman of the Federal Reserve.

Although Warsh is a nominee of Trump, the market will instinctively lean towards expecting more rate cuts and looser policies, but the environment he takes over is not favorable. Currently, inflation pressures in the United States are still rising, with the CPI announced yesterday and the PPI released today both showing significant increases. It is expected that the PCE, which is of the most concern to the Federal Reserve, will not yield good results either.

The price of WTI crude oil is still above $100. In the face of this situation, how Warsh starts will be very important. The most anticipated thing right now is the dot plot in the interest rate meeting on June 17, to see if Trump's camp has expanded, followed by Warsh's speech.

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