Fed Chair Nominee Warsh Wins Key Senate Committee Vote | Balance of Power: Early Edition 4/29/2026

Summary

The episode covers the upcoming Fed rate decision, with Jerome Powell's last meeting as chair and Kevin Warsh's Senate committee approval. Oil prices surge due to the Strait of Hormuz blockade, reaching $119 for Brent, and the panel discusses the economic and political implications of extended conflict with Iran. The Fed is boxed in by rising energy costs and sticky inflation, limiting its ability to cut rates.

• Kevin Warsh cleared the Senate Banking Committee to become the next Fed Chair.
• Brent crude topped $119 a barrel, the highest since 2022, as the Strait of Hormuz blockade continued.
• Jerome Powell's final Fed decision is expected to be hawkish, acknowledging higher unemployment and no near-term rate cuts.
• Panelists debate whether increased US oil production can offset global supply disruptions.
• Senator Shelley Moore Capito discusses energy policy and the need for all-of-the-above energy sources.
• Pershing Square Holdings began trading below its IPO price of $50.
• FISA reauthorization faces a midnight deadline for national security surveillance powers.
• Consumer gasoline prices near $4.23 nationally, raising political pressure on the administration.