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It’s official. President Trump announced his nominee to be the next chair of the Federal Reserve is Kevin Warsh. Wars previously served on the Fed’s Board of Governors. As chair, he’ll lead the organization that sets short-term interest rates, ensures the financial stability of banks, and takes other actions that set the tone for the American financial system. Now President Trump nominated the current chair Jerome Powell back in 2017, and President Joe Biden kept him on for *** second 4-year term. President Trump has soured on Powell for. complying with his pressure campaign to lower interest rates amid concern that could make inflation worse. Now earlier this month, the Department of Justice opened *** criminal investigation into Powell and the Fed because of *** late and over budget renovation of Federal Reserve buildings in Washington. Powell’s term is up in May, and Wsh will need to be confirmed by the Senate. Now so far one Republican Senator Thom Tillis of North Carolina says he will block any nominee until the DOJ resolves its investigation into Powell.
It’s official. President Trump announced his nominee to be the next chair of the Federal Reserve is Kevin Warsh. Wars previously served on the Fed’s Board of Governors. As chair, he’ll lead the organization that sets short-term interest rates, ensures the financial stability of banks, and takes other actions that set the tone for the American financial system. Now President Trump nominated the current chair Jerome Powell back in 2017, and President Joe Biden kept him on for *** second 4-year term. President Trump has soured on Powell for. complying with his pressure campaign to lower interest rates amid concern that could make inflation worse. Now earlier this month, the Department of Justice opened *** criminal investigation into Powell and the Fed because of *** late and over budget renovation of Federal Reserve buildings in Washington. Powell’s term is up in May, and Wsh will need to be confirmed by the Senate. Now so far one Republican Senator Thom Tillis of North Carolina says he will block any nominee until the DOJ resolves its investigation into Powell.
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Get the Facts: Gold, silver prices fall sharply after hitting all-time highs
In the same week that gold hit a historic high of $5,000, it fell to its lowest level since 1983.
Gold and silver saw a sharp drop on Friday after hitting record highs earlier in the week.Gold prices fell by 11%, its sharpest one-day drop since 1983, closing at $4,745 per ounce, while silver fell 31% from the previous day to $78 per ounce. Demand for gold doubled to 679 metric tonnes in 2025, the World Gold Council said. This was driven by investors seeking safe haven assets amid geopolitical uncertainty, interest-rate expectations and a weaker dollar. That pushed gold to a record $5,000 an ounce in Jan. 26. Silver, a cheaper alternative to gold, topped $100 an ounce. The selloff in gold and silver occurred the same day President Donald Trump nominated Kevin Warsh to replace Jerome Powell as chair of the U.S. Federal Reserve.The Fed has significant influence on the economy and global markets because it sets interest rates which affects everything from borrowing costs, credit card rates, auto loans and bond yields.The Associated Press reported that financial markets churned on Friday as investors tried to assess what a Warsh-led Fed would mean for interest rates. Warsh was a runner-up for the post in 2017, when Trump selected Powell.He is set to face Senate confirmation and if confirmed, would take over as Fed chair in May when Powell’s term expires.PHNjcmlwdCB0eXBlPSJ0ZXh0L2phdmFzY3JpcHQiPiFmdW5jdGlvbigpeyJ1c2Ugc3RyaWN0Ijt3aW5kb3cuYWRkRXZlbnRMaXN0ZW5lcigibWVzc2FnZSIsKGZ1bmN0aW9uKGUpe2lmKHZvaWQgMCE9PWUuZGF0YVsiZGF0YXdyYXBwZXItaGVpZ2h0Il0pe3ZhciB0PWRvY3VtZW50LnF1ZXJ5U2VsZWN0b3JBbGwoImlmcmFtZSIpO2Zvcih2YXIgYSBpbiBlLmRhdGFbImRhdGF3cmFwcGVyLWhlaWdodCJdKWZvcih2YXIgcj0wO3I8dC5sZW5ndGg7cisrKXtpZih0W3JdLmNvbnRlbnRXaW5kb3c9PT1lLnNvdXJjZSl0W3JdLnN0eWxlLmhlaWdodD1lLmRhdGFbImRhdGF3cmFwcGVyLWhlaWdodCJdW2FdKyJweCJ9fX0pKX0oKTs8L3NjcmlwdD4K
Gold and silver saw a sharp drop on Friday after hitting record highs earlier in the week.
Gold prices fell by 11%, its sharpest one-day drop since 1983, closing at $4,745 per ounce, while silver fell 31% from the previous day to $78 per ounce.
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Demand for gold doubled to 679 metric tonnes in 2025, the World Gold Council said. This was driven by investors seeking safe haven assets amid geopolitical uncertainty, interest-rate expectations and a weaker dollar.
That pushed gold to a record $5,000 an ounce in Jan. 26. Silver, a cheaper alternative to gold, topped $100 an ounce.
The selloff in gold and silver occurred the same day President Donald Trump nominated Kevin Warsh to replace Jerome Powell as chair of the U.S. Federal Reserve.
The Fed has significant influence on the economy and global markets because it sets interest rates which affects everything from borrowing costs, credit card rates, auto loans and bond yields.
The Associated Press reported that financial markets churned on Friday as investors tried to assess what a Warsh-led Fed would mean for interest rates.
Warsh was a runner-up for the post in 2017, when Trump selected Powell.
He is set to face Senate confirmation and if confirmed, would take over as Fed chair in May when Powell’s term expires.
