Trump Nominates Warsh for Next Fed Chair; Stock Futures Point Lower at End of Winning Month; Gold, Silver Futures Sink

Interest Rate Changes Could Be on the Way Under Trump’s Pick for Fed Chair

FROM 30 minutes ago

The nation’s next top banker could be less inclined to steeply cut interest rates than others who were vying for the job.

On Friday, President Donald Trump said on social media that former Federal Reserve Governor Kevin Warsh will be his nominee to chair the central bank. If approved by the Senate, Warsh will take over the position in May, when current Chair Jerome Powell’s leadership term expires.

Warsh served as a Fed governor between 2006 and 2011. He beat out several finalists for the job, including Trump Economic Advisor Kevin Hassett and BlackRock Executive Rick Rieder.

The selection could significantly affect the Federal Reserve’s monetary policy and future levels of the fed funds rate, which in turn influence borrowing costs for all kinds of loans. Warsh, a lawyer and banker, has appeared on television, praising Trump’s policies and advocating for rate cuts.

“We can lower interest rates a lot,” Warsh said on Fox News in October.

Read the full article here.

–Diccon Hyatt

Trump Names New Fed Chair: Kevin Warsh

FROM 55 minutes ago

President Donald Trump has selected former Federal Reserve Governor Kevin Warsh to be the next chair of the central bank.

Warsh, who served as a Fed governor between 2006 and 2011, beat out several finalists for the job, including Trump economic advisor Kevin Hassett and BlackRock executive Rick Rieder. Warsh will take over as Fed chair after Jerome Powell’s term expires in May, assuming he is confirmed by the Senate.

“I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best,” Trump wrote in a social media post Friday morning.

The chair of the Federal Reserve is one of the most influential jobs in the economy, responsible for leading the U.S. central bank and heading the 12-person committee that sets monetary policy. The Fed is responsible for keeping inflation low and employment high, mainly by adjusting borrowing costs via the fed funds rate.

Read the full article here.

–Diccon Hyatt

The IRS Workforce Is Down By 27%. It Could Slow Your Refund

FROM 1 hr 18 min ago

Changes in tax law and significant layoffs at the IRS may result in delays for some taxpayers this filing season.

The Taxpayer Advocate Service, an independent watchdog within the IRS, said in its annual report to Congress on Wednesday that most taxpayers are expected to have a smooth 2026 filing season. However, those who require help from the IRS or filed their tax return incorrectly could experience delays and problems.

“The success of the filing season will be defined by how well the IRS is able to assist the millions of taxpayers who experience problems,” wrote National Taxpayer Advocate Erin M. Collins in the report.

During 2025, the federal government laid off 27% of IRS workers and the agency went through numerous leadership changes. In particular, last year, the IRS had seven different commissioners. Currently, Scott Bessent, who also serves as the Secretary of the Treasury, is the acting IRS commissioner.

In addition, the IRS said it needed to hire 3,500 new customer service representatives to handle phone calls from taxpayers with questions. Yet the tax agency didn’t meet its goal, the Taxpayer Advocate Service said, and is 1,000 employees short.

Read the full article here.

–Elizabeth Guevara

Stock Futures Point Sharply Lower at End of Winning Month

FROM 1 hr 54 min ago

Futures contracts connected to the Dow Jones Industrial Average were 0.7% lower.

S&P 500 futures also were down 0.7%.

Nasdaq 100 futures pointed 0.8% lower.