WEBVTT - How Kevin Warsh Could Shape the Fed’s Future

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>President Donald Trump took to truth Social Friday morning to

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<v Speaker 2>announce his choice for the next chair of the Federal Reserve.

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<v Speaker 3>President Trump has tapped FED critic Kevin Walsh Kevin Walsh,

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<v Speaker 3>Kevin Walsh to be the next FED Chair.

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<v Speaker 2>Kevin Walsh. He's not a household name, but he's also

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<v Speaker 2>not exactly a surprise pick. He's a former FED governor

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<v Speaker 2>who served during the financial crisis, and he was up

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<v Speaker 2>for the FED chair position during Trump's first term in

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<v Speaker 2>twenty seventeen. Trump chose Jerome Powell instead. But there's a

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<v Speaker 2>big difference between the old worsh and the new Worsh.

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<v Speaker 4>Well, I think the big question that many fedwatchers are

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<v Speaker 4>asking today is which Kevin Walsh will show up to

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<v Speaker 4>be FED chair if he is confirmed.

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<v Speaker 2>My colleague Amara Amokway covers the Federal Reserve. She says

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<v Speaker 2>that for a long time Worsh was hautious about lowering

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<v Speaker 2>rates because of the risks of driving up inflation, but

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<v Speaker 2>recently Worsh has been signaling a shift in position.

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<v Speaker 4>He does have this track record of being an inflation hawk,

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<v Speaker 4>but then as he's been in the mix for FED

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<v Speaker 4>chair has really embraced this idea that for several reasons,

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<v Speaker 4>he argues that the FED can be cutting interest rates.

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<v Speaker 2>Here he is on Fox News this summer.

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<v Speaker 3>The FED has the policy mix exactly wrong. It has

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<v Speaker 3>a big balance sheet like we're in thea crisis, the

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<v Speaker 3>twenty twenty pandemic, and has rates that are too high.

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<v Speaker 3>It needs to shrink the FED balance sheet and cut

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<v Speaker 3>interest rates.

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<v Speaker 2>Trump, of course, has put pressure on the FED to

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<v Speaker 2>cut rates more aggressively, challenging long held norms around the

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<v Speaker 2>central banks independence, and stoking concerns about how much influence

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<v Speaker 2>the President will have over the next FED chair.

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<v Speaker 5>Did Kevin Walsh commit to you that he will push

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<v Speaker 5>to cut interest.

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<v Speaker 2>Rates if he has come At the White House Friday morning,

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<v Speaker 2>reporters asked the President about what he expects from Worsh.

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<v Speaker 1>But we talk about it, and I've been following them,

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<v Speaker 1>and I don't want to ask him that question. I

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<v Speaker 1>think it's inappropriate. Probably it probably would be allowed, but

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<v Speaker 1>I want to keep it nice and pure. But he

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<v Speaker 1>certainly wants to cut right, So I've been watching him

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<v Speaker 1>for a long time.

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<v Speaker 2>Worsh would replace Fedchair Powell when he turns out in May.

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<v Speaker 2>But before Worsh can step into the role, he'll need

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<v Speaker 2>to be confirmed by the Senate, and until then he'll

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<v Speaker 2>be under a microscope.

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<v Speaker 4>Is Kevin Worsh going to show up to the FED

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<v Speaker 4>chair job and defend this decade's long tradition of FED

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<v Speaker 4>independence and really push for policy that is based on

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<v Speaker 4>his best judgments of what's happening in the economy. Or

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<v Speaker 4>is he going to be a person who pushes for

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<v Speaker 4>policy that is aligned with what the president prefers.

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<v Speaker 2>I'm Sarah Holder, and this is the big take from

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<v Speaker 2>Bloomberg News Today. On the show, President Trump has named

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<v Speaker 2>Kevin Walsh as his pick for the next chair of

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<v Speaker 2>the Federal Reserve. I sit down with Fed reporter Amara

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<v Speaker 2>Amokway and Senior Washington correspondent Seleiah Mosen to break down

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<v Speaker 2>what we know about Worsh, how he might lead the FED,

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<v Speaker 2>and what to watch out for on the road to

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<v Speaker 2>his confirmation. So the reason we're here is that in

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<v Speaker 2>a truth Social post this morning, President Donald Trump announced

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<v Speaker 2>his pick for the next Chair of the Federal Reserve,

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<v Speaker 2>Kevin Worsh. Seleia, who is Kevin Worsh.

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<v Speaker 5>Kevin Worsh previously served at the Federal Reserve. He was

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<v Speaker 5>nominated to that role by George W.

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<v Speaker 6>Bush.

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<v Speaker 5>He interviewed for the chairmanship back in the first Trump

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<v Speaker 5>term in twenty seventeen, when those interviews were going on,

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<v Speaker 5>and eventually J. Powell was offered the job. At that time,

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<v Speaker 5>then treasure Secretary Stephen Nushan said you should choose J.

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<v Speaker 6>Powell.

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<v Speaker 5>And then we saw in November of twenty twenty four

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<v Speaker 5>when Trump had been reelected and he was looking for

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<v Speaker 5>hi as your secretary, Worsh popped up again and was

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<v Speaker 5>part of those interviews. Didn't get that job, but still

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<v Speaker 5>everyone kind of had a sense that the job that

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<v Speaker 5>he would really want is the FED chair role.

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<v Speaker 2>Well, I mean, as you've just laid out, Worsh has

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<v Speaker 2>had many of the roles you might expect for a

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<v Speaker 2>future FED chair. He was on the Central Bank Spoort

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<v Speaker 2>of Governors. He served during the financial crisis. He's been

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<v Speaker 2>an economic advisor for the president. Trump even said he

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<v Speaker 2>was Central Casting amara. When you look at his resume,

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<v Speaker 2>what stands out to you most, What does it signal

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<v Speaker 2>about his potential approach in this role.

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<v Speaker 4>I think people some people are comforted by the fact

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<v Speaker 4>that he knows the institution and that during his time

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<v Speaker 4>at the FED he played a very key role in

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<v Speaker 4>helping craft the Fed's response to the financial crisis because

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<v Speaker 4>he had a lot of ties to Wall Street. But

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<v Speaker 4>I think what people have been thinking a lot about

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<v Speaker 4>is the fact that during his time at the FED,

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<v Speaker 4>Kevin Worsh was seen as an inflation hawk. He was

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<v Speaker 4>seen as someone who was very concerned about inflation during

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<v Speaker 4>the depth of the financial crisis, and over the last year,

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<v Speaker 4>as he's been in the mix for the FED chair,

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<v Speaker 4>he has become notably more dubvish. But to be fair, Worsh,

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<v Speaker 4>in advocating for lower rates, has laid out an economic argument.

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<v Speaker 4>It's not like he's just saying we should be lowering

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<v Speaker 4>rates for no reason. He has pointed to factors in

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<v Speaker 4>the economy that he believes should allow the FED to

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<v Speaker 4>lower rates, including where we are with productivity in the economy,

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<v Speaker 4>and he's also talked about other things, like his view

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<v Speaker 4>that the FED should have a significantly smaller balance sheet

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<v Speaker 4>as a way of opening the door for lower rates.

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<v Speaker 4>So he's been laying out an economic argument. But I

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<v Speaker 4>think people see a little bit of inconsistency in the

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<v Speaker 4>fact that he used to be so concerned about inflation,

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<v Speaker 4>and then as he's been one of the top candidates

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<v Speaker 4>for this job, the story has kind of changed.

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<v Speaker 2>Worsh did resign from the FED Board in twenty eleven

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<v Speaker 2>over some fundamental disagreements with the central banks post crash strategy.

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<v Speaker 2>What were at the heart of his issues with FED

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<v Speaker 2>policy at the time.

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<v Speaker 4>So he disagreed with the Fed's decision to continue engaging

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<v Speaker 4>in quantitative easing, that is, the purchase of assets that

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<v Speaker 4>basically grows its balance sheet. And as he has been

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<v Speaker 4>in the mix for FED chairs, he's made speeches and

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<v Speaker 4>appearances over the last year since Trump returned to office,

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<v Speaker 4>he has continued to talk about how he thinks the

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<v Speaker 4>fed's balance sheet policies have gotten sort of out of hand.

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<v Speaker 4>And what is interesting is that that criticism and other

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<v Speaker 4>criticisms that Walsh has made of the FED since he

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<v Speaker 4>left have actually been really closely aligned with some of

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<v Speaker 4>the criticisms we've heard from Treasury Secretary Scott Bessant. Treasury

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<v Speaker 4>Secretary Bessant had an essay, a very long essay where

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<v Speaker 4>he laid out several criticisms of the FED, and it

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<v Speaker 4>was actually striking how similar his criticisms were to some

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<v Speaker 4>of the criticisms that Kevin Walsh has made up the FED,

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<v Speaker 4>particularly on the balance sheet. And we heard Kevin Walsh

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<v Speaker 4>over the summer basically say that there needs to be

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<v Speaker 4>regime change at the FED and institutional change at the FED,

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<v Speaker 4>and these are exactly some of the things that Tragy

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<v Speaker 4>Secretary Besson, who ran point on this FED selection process,

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<v Speaker 4>has been talking about. And so in that way you

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<v Speaker 4>can see that Wosh was really aligned with the views

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<v Speaker 4>of some of the most important figures in the administration.

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<v Speaker 2>And Selia you've mentioned, you know, one of the pivotal

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<v Speaker 2>moments in Worsh's evolution is that in twenty seventeen he

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<v Speaker 2>was passed over for the FED chair role. Trump chose

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<v Speaker 2>Powell instead. Trump has since, you know, basically said he

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<v Speaker 2>regrets doing so. But I'm wondering, you know, what's changed

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<v Speaker 2>since twenty seventeen. Why did Trump choose Worsh this time?

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<v Speaker 5>That is currently what we're reporting out. I'm so curious

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<v Speaker 5>because ever since the DOJ investigation into Powell and the

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<v Speaker 5>FED was launched, it really threw a wrench into Scott

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<v Speaker 5>Besson's process to get Trump to select a FED chair

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<v Speaker 5>because all signs were pointing to Kevin Hassett, the top

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<v Speaker 5>economist in the White House, who had previously been a

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<v Speaker 5>staffer at the Federal Reserve, getting the job. And this

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<v Speaker 5>is something that Trump himself acknowledged this morning when he

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<v Speaker 5>truth socialed that worsh is getting the job. His next

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<v Speaker 5>post was, I love Hassett, I just want to keep him.

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<v Speaker 5>So that's just confirmation that Hassett was the front runner

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<v Speaker 5>for many many months there, and Trump would say, I

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<v Speaker 5>know who it's going to be. I have the guy's

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<v Speaker 5>name in my head. I'm just not going to tell you.

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<v Speaker 5>And so then you're looking at the other candidates. You

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<v Speaker 5>had Rick Reader from Blackrock, you had Chris Waller, who

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<v Speaker 5>is currently a FED Board governor, and you had Kevin Walsh,

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<v Speaker 5>and all of them had pros and cons in Trump world. Right,

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<v Speaker 5>Blackrock is not super popular among the MAGA folks. You

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<v Speaker 5>have Chris Waller, who maybe he was seen as a

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<v Speaker 5>steady hand and had shown that he thinks independently from

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<v Speaker 5>what some people call the group think at the FED,

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<v Speaker 5>but still he was maybe seen as too institutional of

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<v Speaker 5>a person. Even though now Trump has said all the

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<v Speaker 5>other options we would have been great. And then you

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<v Speaker 5>have Kevin Walsh, who was sort of like the one

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<v Speaker 5>who got away maybe, And a lot of the time

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<v Speaker 5>things just come down to relationships. For Trump, who does

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<v Speaker 5>he already know and he didn't want to repeat the mistake.

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<v Speaker 5>He did not know j Powell at the time of

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<v Speaker 5>choosing him. He just knew him from interviews and reading

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<v Speaker 5>up on him and studying him as he's making the selection.

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<v Speaker 5>Kevin Walsh, he's known now for a long time.

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<v Speaker 4>One of the things that the FED chair is going

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<v Speaker 4>to have to have is credibility in the markets, right,

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<v Speaker 4>And if you're just seen as a SICKA fan who's

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<v Speaker 4>just doing the president's bidding, that would likely rattle markets

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<v Speaker 4>and make people feel unsettled. But if you can make

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<v Speaker 4>an economic argument for rate cuts that convinces people, then

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<v Speaker 4>you're on better footing. Right. So intellectual arguments that make

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<v Speaker 4>the case for rate cuts without appearing like you're just

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<v Speaker 4>only interested in doing the president's bidding, I think probably

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<v Speaker 4>helped his case.

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<v Speaker 2>Jerome Powell's term as FED Chair ends in May, and

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<v Speaker 2>before worsh can take over, he'll have to be confirmed

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<v Speaker 2>by the Senate. What the Fed's transition period could look

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<v Speaker 2>like coming up next. Kevin Worsh's nomination as the next

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<v Speaker 2>FED chair comes at an intense time for the Central Bank.

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<v Speaker 2>As Trump continues his relentless quest for lower interest rates.

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<v Speaker 2>His administration has ramped up the pressure on the FED

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<v Speaker 2>and FED Chair Jerome Powell. There's an ongoing Justice Department

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<v Speaker 2>probe into renovations at the Fed's HQ and a Supreme

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<v Speaker 2>Court case over Trump's attempt to fire FED Governor Lisa Cook.

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<v Speaker 2>Lawmakers on both sides of the aisle, including Republican Senator

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<v Speaker 2>Tom Tillis, have registered their concern that the result of

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<v Speaker 2>all these attacks could be a less independent FED.

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<v Speaker 6>We've got the Cook, so we have the power case.

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<v Speaker 6>Both of those, to me are instances of trying to

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<v Speaker 6>undermine the credibility of the FED independent.

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<v Speaker 2>I asked Bloomberg, Samara Amokwagh, and Saliah Mosen how those

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<v Speaker 2>dynamics could affect Congress's decision about whether to confirm Worsh.

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<v Speaker 4>Tom Tillis, who was on the Senate Banking Committee that

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<v Speaker 4>does the initial vetting of FED nominees, has made clear

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<v Speaker 4>that he is going to block any FED nominee until

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<v Speaker 4>this DJ probe of Chairpowal and the FED is resolved somehow.

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<v Speaker 4>And then Senator Tillis came out after President Trump announced

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<v Speaker 4>his pick and reiterated that I am.

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<v Speaker 6>Placed with the nominee. I think that by most accounts

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<v Speaker 6>he's well regarded. But we still have to clear the

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<v Speaker 6>current matter.

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<v Speaker 4>And so that is a roadblock that the administration now has.

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<v Speaker 4>Is the Department of Justice going to drop the investigation

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<v Speaker 4>or find some other kind of off ramp because Tillis

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<v Speaker 4>has made clear that he's not going to allow this

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<v Speaker 4>nomination to move forward.

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<v Speaker 6>The Senate has to stand in the breach. We have

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<v Speaker 6>to make sure that the FED maintains its independence and

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<v Speaker 6>we cannot reward any bad behavior.

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<v Speaker 4>I think also you can expect that whenever worsh does

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<v Speaker 4>go before the committee, you are going to hear a

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<v Speaker 4>lot of questions about FED independence because the administration has

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<v Speaker 4>really up the ante in putting pressure on the FED,

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<v Speaker 4>from the DOJ investigation to the attempt at firing of

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<v Speaker 4>Lisa Cook. We did see Senator Elizabeth Warren, who is

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<v Speaker 4>the ranking member on the Banking Committee, come out and

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<v Speaker 4>be very critical of this nomination and basically tie that

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<v Speaker 4>to the fact that there are questions around the FEDS

0:12:35.000 --> 0:12:38.160
<v Speaker 4>and dependence, and she said that this nomination it is

0:12:38.280 --> 0:12:41.080
<v Speaker 4>essentially Trump's latest attempt to seize control of the FED.

0:12:41.360 --> 0:12:43.520
<v Speaker 4>I think you're really going to hear the Senators probably

0:12:43.520 --> 0:12:45.120
<v Speaker 4>on both sides of the isle at this point, given

0:12:45.160 --> 0:12:48.440
<v Speaker 4>the DOJ investigation, really pushing Walsh on whether he's going

0:12:48.480 --> 0:12:51.319
<v Speaker 4>to be independent and how he can assure the public

0:12:51.400 --> 0:12:53.440
<v Speaker 4>and the markets that he's not going to just do

0:12:53.520 --> 0:12:54.520
<v Speaker 4>President Trump's bidding.

0:12:56.120 --> 0:12:59.480
<v Speaker 2>And where does all this leave current FED Chair Jerome Powell.

0:13:00.080 --> 0:13:02.079
<v Speaker 2>What does a worst pick mean for him?

0:13:02.400 --> 0:13:05.400
<v Speaker 4>Well, I mean that's the big question, right. I think

0:13:05.600 --> 0:13:09.240
<v Speaker 4>before the DOJ probe, the feeling among FED watchers was

0:13:09.240 --> 0:13:12.600
<v Speaker 4>that Jerome Powell was ready to leave. He has been

0:13:12.679 --> 0:13:14.640
<v Speaker 4>on the FED board for a long time. This is

0:13:14.640 --> 0:13:17.960
<v Speaker 4>his second term as chair, and you know, I think

0:13:18.400 --> 0:13:20.959
<v Speaker 4>the expectation was that he was ready to go. The

0:13:21.040 --> 0:13:24.280
<v Speaker 4>DJ probe has changed everything, and we saw that in

0:13:24.320 --> 0:13:28.120
<v Speaker 4>the extraordinary statement that chairpal released about the subpoenas that

0:13:28.160 --> 0:13:31.320
<v Speaker 4>were issued to the FED. At the FOMC meeting, Pale

0:13:31.520 --> 0:13:35.520
<v Speaker 4>was asked about his future plans and he, again, as

0:13:35.520 --> 0:13:38.000
<v Speaker 4>he has in the past, declined to say whether he's

0:13:38.040 --> 0:13:40.000
<v Speaker 4>going to stay or go. But I think the DOJ

0:13:40.160 --> 0:13:43.480
<v Speaker 4>probe is kind of the bigger issue. It's bigger than

0:13:43.520 --> 0:13:46.599
<v Speaker 4>who the next FED chair is. It's really what is

0:13:46.640 --> 0:13:49.120
<v Speaker 4>going to happen with that investigation that I think will

0:13:49.840 --> 0:13:53.160
<v Speaker 4>ultimately determine whether chairpal stays or goes.

0:13:53.840 --> 0:13:56.400
<v Speaker 2>And Telia, You've done a lot of reporting on the dollar.

0:13:56.920 --> 0:14:00.520
<v Speaker 2>I'm wondering how markets more broadly reacted to this pick.

0:14:01.000 --> 0:14:04.080
<v Speaker 5>Yeah, we saw markets rally. Markets are happy with the choice.

0:14:04.120 --> 0:14:07.120
<v Speaker 5>So far, it looks like it's someone who, as Trump

0:14:07.240 --> 0:14:10.440
<v Speaker 5>said acknowledged yesterday when he was teasing everyone, what I've

0:14:10.440 --> 0:14:12.520
<v Speaker 5>made the decision you're going to hear about tomorrow. I

0:14:12.520 --> 0:14:13.960
<v Speaker 5>don't know why he didn't just tell us right then

0:14:14.000 --> 0:14:15.960
<v Speaker 5>in the moment, but he said, this is going to

0:14:15.960 --> 0:14:18.600
<v Speaker 5>be someone that the world of finance already knows well.

0:14:18.720 --> 0:14:22.040
<v Speaker 5>And because of that, we're seeing a rallying that it's

0:14:22.040 --> 0:14:26.160
<v Speaker 5>someone who understands how the institution works, understands. Hopefully, if

0:14:26.200 --> 0:14:27.920
<v Speaker 5>you understand how it works, that means you understand the

0:14:27.920 --> 0:14:32.360
<v Speaker 5>importance of independence, but also someone who maybe Trump trusts. Therefore,

0:14:32.360 --> 0:14:35.240
<v Speaker 5>there will be fewer tweets and truth social posts about

0:14:35.240 --> 0:14:37.880
<v Speaker 5>the FED chair being a bonehead, and all the other

0:14:38.000 --> 0:14:40.320
<v Speaker 5>names that Trump has called j Paul.

0:14:41.720 --> 0:14:46.000
<v Speaker 2>The relationship that Worsh would have with the committee matters

0:14:46.040 --> 0:14:49.960
<v Speaker 2>a lot, and consensus or dissent matters a lot, and

0:14:50.000 --> 0:14:53.560
<v Speaker 2>how interest rates will be set moving forward. What do

0:14:53.600 --> 0:14:57.040
<v Speaker 2>we know about how the current FED board might receive Worsh.

0:14:57.160 --> 0:15:00.560
<v Speaker 4>I mean, my understanding is that when there's an new chair,

0:15:02.240 --> 0:15:06.800
<v Speaker 4>the fellow policymakers want to give that chair a fair shake, right,

0:15:06.840 --> 0:15:10.200
<v Speaker 4>they want to give him the opportunity to lead. Obviously,

0:15:10.240 --> 0:15:12.600
<v Speaker 4>this is someone who is nominated by the President and

0:15:12.680 --> 0:15:15.480
<v Speaker 4>confirmed by the Senate, and I think the feeling is

0:15:15.480 --> 0:15:18.880
<v Speaker 4>that that person should be given the benefit of the

0:15:18.880 --> 0:15:21.880
<v Speaker 4>doubt to make their intellectual arguments and to lead the institution.

0:15:22.720 --> 0:15:28.240
<v Speaker 4>But again, I don't think it's the case that policymakers

0:15:28.280 --> 0:15:30.360
<v Speaker 4>are going to go along with something that they don't

0:15:30.360 --> 0:15:32.400
<v Speaker 4>think is right, that they don't think is right for

0:15:32.440 --> 0:15:36.960
<v Speaker 4>the economy. And so we will really see how, if

0:15:36.960 --> 0:15:40.600
<v Speaker 4>he's confirmed, how Worsh interacts with his fellow policy makers,

0:15:41.160 --> 0:15:44.680
<v Speaker 4>and the extent to which he's able to bring them

0:15:44.680 --> 0:15:49.480
<v Speaker 4>along with where he thinks policy should be headed. Jae

0:15:49.480 --> 0:15:53.200
<v Speaker 4>Powell is known as having been really successful at this

0:15:53.520 --> 0:15:55.680
<v Speaker 4>and so it'll be interesting to see if Walsh is

0:15:55.720 --> 0:16:02.200
<v Speaker 4>able to have that same influence and that same ability.

0:16:02.320 --> 0:16:04.280
<v Speaker 4>I think this is something that often gets lost in

0:16:04.320 --> 0:16:07.720
<v Speaker 4>conversations about the FED. The FED Chair is just one

0:16:08.000 --> 0:16:11.200
<v Speaker 4>one of twelve people who votes on monetary policy. Okay,

0:16:11.280 --> 0:16:13.880
<v Speaker 4>twelve people have to go in there, vote and come

0:16:13.880 --> 0:16:17.400
<v Speaker 4>to a consensus or not right. And so you know,

0:16:17.440 --> 0:16:21.480
<v Speaker 4>we've seen President Trump really criticize Chair Poal and put

0:16:21.480 --> 0:16:23.960
<v Speaker 4>all this pressure on him for not lowering rates. But

0:16:24.000 --> 0:16:29.160
<v Speaker 4>the reality is the Chair has to drive the committee

0:16:29.160 --> 0:16:33.440
<v Speaker 4>that votes on interest rates toward a consensus. And over

0:16:33.440 --> 0:16:36.080
<v Speaker 4>the last couple of months, we've seen that it hasn't

0:16:36.080 --> 0:16:38.200
<v Speaker 4>always been easy for even Chair Pal to do that.

0:16:38.240 --> 0:16:41.160
<v Speaker 4>We've seen dissents, We've seen people say actually, we shouldn't

0:16:41.200 --> 0:16:43.560
<v Speaker 4>be cutting rates, or we should be cutting rates. And

0:16:43.640 --> 0:16:47.680
<v Speaker 4>so even if Walsh is inclined to cut rates, he's

0:16:47.720 --> 0:16:50.880
<v Speaker 4>going to have to convince his fellow policy makers that

0:16:50.880 --> 0:16:53.600
<v Speaker 4>that is the right thing for the economy at that time.

0:16:54.120 --> 0:16:56.840
<v Speaker 4>And we know that a lot of these policy makers

0:16:58.000 --> 0:17:00.960
<v Speaker 4>our strong economic heavyweights in their and they're not going

0:17:01.040 --> 0:17:02.800
<v Speaker 4>to go along with something that they don't feel is

0:17:02.800 --> 0:17:04.840
<v Speaker 4>in the best interests of the economy, and so it

0:17:04.880 --> 0:17:07.359
<v Speaker 4>will be really interesting to see how this all plays out.

0:17:07.600 --> 0:17:10.280
<v Speaker 4>If we're in a situation where worsh is pushing for

0:17:10.320 --> 0:17:12.080
<v Speaker 4>lower interest rates and the rest of the committee is

0:17:12.080 --> 0:17:14.360
<v Speaker 4>not willing to go along, how will President Trump reacts

0:17:14.640 --> 0:17:17.000
<v Speaker 4>because no FED chair can push through rate cuts on

0:17:17.040 --> 0:17:17.400
<v Speaker 4>his own.

0:17:23.880 --> 0:17:26.919
<v Speaker 2>This is The Big Take from Bloomberg News. I'm Sarah Holder.

0:17:27.600 --> 0:17:30.359
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<v Speaker 4>Hello,