All articles tagged with #powell investigation
Republican lawmakers on the Senate Banking Committee appear ready to clear Kevin Warsh for Fed chair by downplaying Powell’s criminal probe or pressing for its resolution, even as Sen. Thom Tillis withholds his vote. Tillis’s hold blocks Warsh’s committee path, but Tim Scott and other GOP members signal support if the investigation is resolved, meaning a closed probe could unlock easy floor confirmation.
Sen. Thom Tillis pledges to block Kevin Warsh's Fed nomination until the Justice Department completes its probe into Fed Chair Jerome Powell over HQ renovation costs, and says he’d maintain the blockade even if DOJ drops the inquiry in exchange for Powell leaving the Fed after his term; Powell could stay on the board as a governor for up to two more years, and Tillis criticizes the subpoenas as premature.
Democrats on the Senate Banking Committee urged Chair Tim Scott to delay Kevin Warsh’s nomination to lead the Federal Reserve until DOJ investigations into Jerome Powell and Lisa Cook are resolved. Republican Sen. Thom Tillis has also vowed to block the nomination until Powell’s probe finishes, risking a committee deadlock given the 13 Republicans to 11 Democrats split.
U.S. Treasury yields were broadly flat as markets awaited the November Producer Price Index, December retail sales, and December existing home sales data, after December CPI rose 2.7% year over year. The 10-year yield hovered near 4.16%, the 2-year around 3.52%, and the 30-year about 4.82%. Separately, Fed Chair Jerome Powell faces a criminal investigation linked to the $2.5 billion renovation of the Fed HQ, renewing concerns about central-bank independence, though global policymakers defended independence.
U.S. stock indexes closed at or near records with the S&P 500 and Dow hitting new highs as tech and consumer shares led gains, even as Fed Chair Powell faces a criminal probe that injects caution into markets. Gold and silver surged to record-like levels amid a weaker dollar, while Alphabet’s market-cap milestone followed Apple’s plan to use Google’s Gemini for AI features, Walmart joined the Nasdaq-100, and a wave of earnings and 52-week highs underscored ongoing market activity.