Trump nominates Kevin Warsh for Federal Reserve chair to succeed Jerome Powell

Summary

CNBC's Steve Liesman reports that President Trump has nominated former Fed Governor Kevin Warsh to succeed Jerome Powell as Federal Reserve chair. The discussion covers Warsh's hawkish inflation concerns, his desire to shrink the Fed's balance sheet and reduce its political profile, and the potential market implications of a less interventionist Fed. Hosts Joe Kernen and Becky Quick debate Fed independence, the committee's role, and whether strong growth with productivity should be tolerated without rate hikes.

• Trump nominates Kevin Warsh for Federal Reserve chair.
• Warsh is a former Fed governor and Powell critic with hawkish inflation concerns.
• Warsh favors reducing the Fed's balance sheet over time.
• He argues a smaller Fed footprint could allow lower rates.
• Wall Street is wary that Warsh may offer less crisis support.
• Fed chair must build consensus on the FOMC and work with staff.
• Discussion touches on Fed independence and the growth-inflation dogma.