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UNITED STATES PERSPECTIVE
TRUMP DROPS THE POWELL PROBE AND PAVES THE WAY FOR A LOYALIST FED CHAIR
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DOMINANT ANGLE
DOJ drops Powell probe — Warsh toward the Fed chairmanship, markets cheer
Dominant angle identified — does not reflect unanimity of this country’s media
ANALYSIS
Bloomberg dedicated multiple segments of its Real Yield program to the announcement, analyzing bond market and credit implications of the Iran war and the prospect of a Warsh-led Fed. Former Fed Governor Betsy Duke confirmed Warsh as 'a serious candidate who knows the institution well.' The DOJ closed the investigation initiated by the Washington DC prosecutor. Analysts estimated Trump got what he wanted without even needing to act directly. Fed funds futures moved slightly higher in probability of 2026 rate cuts, anticipating Warsh will be more accommodative than Powell.
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