Warsh’s Fed chair bid shakes markets over independence

Trump nominated Kevin Warsh as the next chair of the Federal Reserve, triggering a rapid market reaction with gold and silver dropping sharply and stock indices dipping as investors weigh Warsh’s independence and hawkish stance against Trump’s pressure for easier policy. The piece frames the move as a test of central bank independence—crucial for credibility and inflation control—while noting uncertainty around whether Warsh’s approach will resist political influence in the future.