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Tomorrow at 2:30 p.m., Jerome Powell will sing his swan song. That will be his last press conference after the latest FOMC meeting. The Senate Banking Committee is scheduled to confirm the nomination of Kevin Warsh to replace Powell tomorrow. The Senate could move to a final vote shortly thereafter.
Powell will likely explain why the FOMC is unlikely to lower the federal funds rate any time soon. Warsh has been calling on the Fed to do so as soon as possible. Powell will stress that inflation risks have increased, while unemployment risks have decreased.
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