SYDNEY: (Feb 2) After months of speculation, US President Donald Trump confirmed he will be nominating Kevin Warsh as the next chair of the US Federal Reserve. The appointment has been closely watched in the context of Trump’s ongoing conflict with the Fed and its current chairman Jerome Powell.
The immediate reaction to the announcement was a significant crash in gold and silver markets. After months of record highs and stretched valuations, spot prices for gold and silver dropped 9% and 28% respectively after the announcement. The US stock market also fell, with major indexes all reporting modest losses.
However, in the context of concerns over Trump’s interference with the Fed, the market crash can ironically be understood as an early vote of confidence in Warsh’s independence and suitability for the role.
Source: PTI News
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