Trump’s Fed gamble backfires as Powell lingers and Warsh stalls

Trump’s bid to reshape the Fed by nominating a dovish chair appears to backfire, with Powell potentially remaining as chair beyond May amid Democratic resistance to Kevin Warsh and ongoing investigations into Powell and Fed Governor Cook, while Stephen Miran resigns from his White House-linked role, signaling a tighter distance between the White House and the Fed and raising questions about the independence of monetary policy.