Fed Chair Warsh Takes Office as Powell Era Ends: Markets Await New Inflation Regime Signals

Jerome Powell's final day as Federal Reserve Chair (May 15) marks the end of an eight-year tenure defined by crisis management and dovish pivots. Kevin Warsh assumes the role on May 20 amid a surging inflation backdrop and bond market turbulence, forcing an immediate reset on rate expectations; investors are parsing whether Warsh will prove more hawkish on inflation than Powell or continue accommodative policy despite upside price pressures.