Could Preside Beginning with the June FOMC Meeting
The U.S. Senate approved Kevin Wash’s nomination to serve on the Federal Reserve Board. Lawmakers are expected to hold a separate vote on his nomination to be Fed chair on the 13th. Bloomberg reported that the Senate approved Wash’s nomination to the Fed board on the 12th (local time) by a 51–45 vote. Fed governors serve 14-year terms.
The Senate is expected to vote separately on Wash’s nomination for Fed chair on the 13th; the chamber confirms board seats and the chair in separate actions. Jerome Powell’s term as Fed chair runs through the 15th.
President Donald Trump nominated Wash on Jan. 30, citing hopes he would push for policy-rate cuts. The Senate Banking Committee cleared Wash’s nomination on the 29th of last month. At that day’s post-FOMC news conference, Powell said he would remain on the Board after his chair term ends and would not step down until the U.S. Department of Justice’s investigation into the Fed and himself is concluded “in a transparent, final and thorough” manner. Powell’s board term runs through Jan. 31, 2028.
If confirmed as chair, Wash is likely to preside beginning with the FOMC meeting on June 16–17. On that day, the CME FedWatch tool showed federal funds futures putting the odds at 97.6% that the Fed will hold rates at the meeting and just 2.4% for a 25-basis-point cut.
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