The Fed finally has a new boss. Kevin Warsh passed the Senate 54:45, marking the most divisive Fed Chair vote in history, with only one Democrat crossing party lines. Powell’s term as Chair ends tomorrow (May 15), and Warsh will officially take over. Here’s where it gets interesting: 1. Powell chose to stay on as a Board member instead of resigning. The last time a Fed Chair returned to the Board was nearly 80 years ago. Translation: Old Powell isn’t leaving—he’s sticking around to keep an eye on you. 2. Warsh is inheriting a hot potato on Day 1—PPI just spiked to 6%, the highest since late 2022. The market’s already pricing in no rate cuts this year. So, here’s the question: Trump’s been bashing Powell since 2018, and now he’s finally got his guy in the Fed. Will Warsh cut rates or hike them? Or will we end up thinking the last guy was better?