FED: Warsh Nomination Heads To The Senate
Mar-04 17:59
- The White House has officially nominated former Fed Governor Kevin Warsh as the next Fed chair (four-year term) for when Jerome Powell’s Chair role ends in May, along with a fourteen-year Governor role.
- The nomination heads to the Senate but progress isn’t clear cut.
- While he has previous congressional approval, Republican Senator Thom Tillis (on the Senate Banking Committee) has promised to block any Fed nomination as long as the DoJ investigation into Powell/Federal Reserve renovations remains outstanding.
- The nomination must first pass this Committee before a full vote in the Senate.
- We aren’t aware of a change in view from Tillis although can’t rule out developments behind the scenes if the White House has moved ahead with the nomination now.
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US STOCKS: Midday Equities Roundup: Tech & Travel Stocks Outperforming
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- Stocks are trading firmer Monday, at or near midday highs after opening weaker - with Consumer Discretionary and IT sector shares outperforming.
- Currently, the DJIA trades up 476.22 points (0.97%) at 49368.27, S&P E-Mini Futures up 43 points (0.62%) at 7009, Nasdaq up 175.2 points (0.7%) at 23637.7.
- Leading advances in the first half include multiple hardware and semiconductor makers that rebound from last week's selling: Sandisk Corp +16.23%, Western Digital +7.62%, Corning +6.73%, Seagate Technology +6.04%, Intel +5.60%, Micron Technology +5.54% and Advanced Micro Devices +4.99%.
- Consumer Discretionary shares included luxury travel stocks: Carnival +7.10%, United Airlines +5.67% and Norwegian Cruise Line +5.24%.
- On the flipside, Energy & Utility shares led declines in the first half with crude prices fell sharply (WTI -33.43 at 61.78) as middle east tensions cooled with Pres Trump's tone on Iran softening (while the carrier battle grop remains in the region): EQT -4.92%, Expand Energy -3.99%, ONEOK -3.64%, Occidental Petroleum -2.78%, Diamondback Energy -2.65% and Coterra Energy -2.53%.
