Fed Chair Shakeup: Warsh Vote, Powell Stay?

0:00It's April 28th. You're listening to Global News today, AI-powered global coverage. The Federal Reserve kicks off its big meeting this week with a leadership shake-up on the horizon. Jerome Powell's term as chair wraps up on May 15th, but he might stick around on the board until January 20th, 2028. Meanwhile, the Senate Banking Committee votes Wednesday on confirming Kevin Worsh as the new chair, and that's likely headed for approval before, hitting the full Senate. During the path for Worsh, a Justice Department probe into Powell got shut down Friday by the U.S. Attorney for D.C. Senator Tom Tillis from North Carolina flipped his support Sunday after getting assurances it won't reopen without solid evidence from the Fed's own. Watchdog, folks are buzzing about Powell staying put, which could block Trump from filling another board seat and spark a rare two chairs on the board vibe not, seen since 1948. Then might amp up tensions with the White House, though the press secretary hinted Trump

1:00would chill once Worsh locks in. On rates, inflation spiking from the Iran War and higher gas prices, so cuts look off the table for now. The job markets holding steady with unemployment dipping to 4.3% in March, and even Fed Governor Christopher Waller shifted, gears saying Hikes might even be in play. Keep eyes on Wednesday's news conference and that post-meeting statement, any tweaks signaling Hikes overcuts, could flip the script on where rates head.