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Trump will announce his nominee for the chairmanship of the Federal Reserve on Friday morning, with Kevin Walsh expected to be the choice.
The stock market forecasts on the Polymarket platform indicate that the probability of Walsh winning is 93%, surpassing the previous front-runner, Rick Rider.
According to Bloomberg reports, the Trump administration is expected to appoint Kevin Walsh, former chairman of the Federal Reserve, as the chairman of the U.S. Federal Reserve. U.S. President Donald Trump stated that his final decision will be announced on Friday morning, but the selection will not be official until an official announcement is made.
On Thursday evening, Trump piqued public curiosity without revealing the name of his nominee for the chair of the Federal Reserve, stating: "It won't be too surprising," and it will be "a well-known figure to everyone in financial circles." He made his remarks to the press on the red carpet during the launch of the film "Melania," according to reports.
Even the prediction markets on the "Polymarket" platform indicate strong support for Kevin Warsh, who currently leads with a preference estimated at 93% based on a trading volume of around $301 million.
According to Wednesday's forecasts, Rick Rieder, Chief Investment Officer at BlackRock, was the frontrunner. Kevin Hassett, Director of the National Economic Council, and Christopher Waller, a Federal Reserve governor, are also being considered for the nomination.
Jerome Powell's term, the current chair of the Federal Reserve, ends on May 15, while his governorship extends until January 2028. Warsh served as a Federal Reserve governor from 2006 to 2011. Trump even nearly chose Warsh in 2018, but opted for Powell instead, and has publicly expressed regret over that decision.
Warsh's mixed stance on cryptocurrencies
Kevin Warsh's nomination for the chair of the Federal Reserve sparked a debate about his stance on cryptocurrencies, while Jerome Powell has been hawkish in regulating them. Despite Warsh's belief in Bitcoin and his praise for it, he stated in an interview published by Wayne Vaughan, a Bitcoin investor: "Bitcoin doesn't cause problems; I consider it an important asset."
However, a comment on that post indicated that Warsh has historically been considered hawkish in his monetary policy, as he opposed the Federal Reserve's use of a massive balance sheet and argued that the baseline interest rate should not be less than 3%. He also served on the Federal Reserve Board during the financial crisis of 2008.
However, Kevin Warsh's positions on digital currencies vary slightly, and there is ambiguity regarding policies related to them. Speculation about the possibility of appointing Warsh as the chair of the Federal Reserve has increased uncertainty in the market, as the cryptocurrency market is witnessing a sharp decline today. Bitcoin is currently trading at $82,983, down 5.91% over the past 24 hours, while the total cryptocurrency market has dropped by 5.31%, with a market value of $2.83 trillion$XRP
