JUST IN: U.S. Senate confirms Kevin Warsh to the Federal Reserve Board in a 51-45 vote.

Final vote for Fed Chair expected Wednesday. Powell's term ends May 15.

Warsh wants "regime change" at the Fed and believes rates can go lower. But markets are pricing in higher odds of a rate HIKE at the June 16-17 FOMC, not a cut.

What this means:

🔹 New Fed Chair = new policy direction

🔹 Possible balance sheet cuts ahead (liquidity drain)

🔹 Short-term uncertainty, long-term setup forming

Powell era is ending. A new chapter for markets begins.