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BREAKING: The Senate Banking Committee just voted 13-11 to advance Kevin Warsh as the next Federal Reserve Chair.

It now goes to the full Senate for confirmation.

Powell's term as Fed Chair ends May 15. If confirmed, Warsh could be running the Fed by the June 16-17 meeting. This would be the first change in Fed leadership in over 8 years.

Warsh told the Senate he believes there is room to cut interest rates thanks to productivity gains from AI.#AftermathFinanceBreach