Powell's Departure Sparks Concern Over Shadow Fed Majority Threatening Economy and Jobs

Kevin Warsh has been sworn in as the new Federal Reserve Chair, taking over from Jerome Powell who refused to leave the Fed Board of Governors. This development may lead to a shift in policy under a majority of the shadow Fed, potentially threatening jobs, housing, and economic growth. The move breaks with the modern custom of departing Fed chairs leaving the board, sparking concerns about continuity and stability. Warsh is likely to bring a more hawkish tone to monetary policy.