Looks like it’s really time to say goodbye to Powell. Early this morning, the Senate approved Kevin Warsh (凯文·沃什) as the new Federal Reserve Chair, replacing Powell. Warsh will be sworn in for both the Governor and Chair positions. Of course, procedurally, we still need to wait for the White House to finalize the paperwork, but we all know that’s just a formality. So, it’s safe to say Warsh is officially the new Fed Chair. Although Warsh was nominated by Trump, the market instinctively expects a more dovish, rate-cutting, and accommodative stance. However, the environment he’s stepping into isn’t great. Inflation pressure in the U.S. is still rising—yesterday’s CPI and today’s PPI both showed significant increases. It’s also expected that the Fed’s most-watched PCE won’t bring any good news either. WTI oil prices are still above $100. Facing this situation, how Warsh kicks things off will be crucial. Right now, all eyes are on the June 17 FOMC meeting and the dot plot to see if Trump’s camp has expanded its influence. Then, of course, there’s Warsh’s first speech. #StayTuned