Trump Taps Warsh For Fed Chair, Furman Reacts to Rate Hold

Watch on YouTube ↗  |  January 31, 2026 at 00:01  |  10:34  |  Bloomberg Markets
Speakers
Jason Furman — Former Chair of the Council of Economic Advisers
Steven Miran — Chair, Council of Economic Advisers

Summary

Bloomberg discusses President Trump's plan to nominate Kevin Warsh as the next Federal Reserve chair, with Fed Governor Stephen Miran praising Warsh and defending Fed independence. Harvard economist Jason Furman reacts to the Fed's rate hold, saying inflation is likely to drift lower but risks remain from tariffs, fiscal and data-center tailwinds, and a weaker dollar. Furman also comments on dollar weakness, Japanese government bond volatility, and the potential for tariff retaliation.

  • Trump intends to nominate Kevin Warsh as Fed chair, succeeding Jay Powell.
  • Fed Governor Miran praises Warsh and denies White House interference in monetary policy.
  • Miran says inflation data show no material overheating.
  • Jason Furman says the Fed sounds closer to its goals and inflation may fall.
  • Furman sees tariff pass-through and fiscal/data-center/weak-dollar tailwinds as inflation risks.
  • Furman views a weaker dollar as economically helpful for U.S. imbalances but politically unpopular.
  • Furman says JGB investors now require higher compensation due to Japanese inflation and debt.
  • Furman warns further U.S. tariffs could provoke retaliation.
Ideas
Jason Furman Former Chair of the Council of Economic Advisers 6:23
Weaker dollar helps U.S. trade imbalances
Furman says President Trump's openness to a weaker dollar is refreshing and that the market, not officials' words, will determine the dollar. He argues a weaker dollar could be economically right for the U.S. because it would help redress an overly large trade deficit and global imbalances, though it would raise import prices, hurt consumers, and be politically unpopular.
UUP MED
Jason Furman Former Chair of the Council of Economic Advisers 9:11
JGB investors should demand higher compensation
Discussing the JGB turmoil, Furman says Japan is now experiencing the normal rules of macroeconomics: with inflation back and a high debt-to-GDP ratio, investors have good reason to demand more compensation for lending to Japan than historically. That implies upward pressure on JGB yields.
Japanese government bonds HIGH
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This Bloomberg Markets video, published January 31, 2026, features Jason Furman discussing UUP, Japanese government bonds. 2 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Jason Furman  · Tickers: UUP, Japanese government bonds