Trump Set to Name Kevin Warsh, Son-in-Law of Billionaire Ron Lauder, as Next US Federal Reserve Chief

by Chris Menahan, Disclose TV, Jerusalem Post and Reuters

President Trump, who wants deep cuts in interest rates, said that he will name Jerome Powell’s successor to head the US Federal Reserve on Friday. Former Fed governor Kevin Warsh is the top candidate.

Fed interest-rate decisions impact not only the daily rate at which banks lend to each other but also long-term interest rates, as measured by long-dated US Treasury yields, which in turn influence borrowing costs for consumers and companies.

Kevin Warsh’s father-in-law, Ron Lauder, has a long-time friendship with Trump and may be influencing him on his pursuit of Greenland.

Political Connections

Kevin Warsh is married to cosmetics heiress Jane Lauder. Her father, Ronald Lauder was a steering committee member for the Bilderberg Group and has served as president of the World Jewish Congress since 2007.

Ronald Lauder is a long-time friend of Trump may have helped spark Trump’s interest in acquiring Greenland. Lauder has commercial holdings in Greenland and some analysts say he could personally benefit. The Jerusalem Post wrote that Lauder has previously been linked to business ventures overlapping with US foreign policy. The New York Times reported that Ukraine awarded a consortium including Lauder a contract to mine a major lithium deposit, worth at least hundreds of millions of dollars.

From Reuters via Jerusalem Post:

Trump likely to name Kevin Warsh as Powell’s successor for US Federal Reserve head

US President Donald Trump’s nomination to head the US Federal Reserve will lift a cloud of uncertainty that has hung over markets for months, giving investors a signal of how monetary policy may evolve once Jerome Powell‘s term ends in May.

Trump said on Thursday he would name Powell’s successor on Friday, and all eyes are focused on former Fed governor Kevin Warsh. Bloomberg News reported Warsh will get the nod, while a person familiar with the matter told Reuters that Warsh had met Trump at the White House on Thursday.

Warsh would be one of the more hawkish picks among the perceived candidates, market participants said of the choice, for which they have been gaming out scenarios for months.

“If the nominee is indeed Warsh, we could actually end up with a Fed that tilts hawkish at the margin,” said Sonu Varghese, global macro strategist at Carson Group in Chicago.

The other leading candidates for the role have been Fed Governor Christopher Waller and BlackRock’s chief bond investment manager, Rick Rieder. White House economic adviser Kevin Hassett was an early frontrunner but is now seen as an unlikely choice after Trump said he would rather keep him in his current post.

Fed interest-rate decisions impact not only the daily rate at which banks lend to each other but also long-term interest rates, as measured by long-dated US Treasury yields, which in turn influence borrowing costs for consumers and companies.

The president wants the Fed to cut interest rates deeply and has piled pressure on Powell – whom he has nicknamed “Too Late” for hesitancy in complying with Trump’s wishes for looser policy.

Trump’s pick will be scrutinized for his perceived ability to carry out monetary policy without ceding to political pressure, a quality that economists say is the bedrock of any central bank’s inflation-fighting capabilities and what underpins the financial stability of the US economy.

Warsh at odds with Trump on monetary policy

Warsh has called for regime change at the central bank, seeking among other things, a smaller Fed balance sheet, a goal seemingly at odds with Trump’s preference for looser monetary policy.

Warsh “is on record as saying he prefers lower rates,” said Damien Boey, portfolio strategist at Wilson Asset Management in Sydney. “But the trade-off that he makes with lower rates is that he wants the Fed to have a smaller balance sheet. The markets are reacting as if thinking: ‘What would the world look like with a smaller Fed balance sheet?’”

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