Jonathan Cook
on February 3rd, 2026 Kevin Warsh is heir apparent to current Federal Reserve chair Jerome Powell when his term ends in May. The prospect of a more hawkish chair than markets feared was enough to send investors charging away from an over-valued commodities market and stabilising the US dollar. There is still a risk that a Warsh Fed would take its direction from the White House, but that was clearly an argument for another day.
EUR/USD: the past year
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