President Trump has officially chosen former Federal Reserve governor Kevin Warsh to be the next Federal Reserve Chair, replacing Jerome Powell, with Senate confirmation still pending. Warsh, who served on the Fed from 2006 to 2011 and later worked in economic research and policy, is seen as experienced but likely to favor tighter monetary policy, which has lifted the U.S. dollar and bond yields. Stocks, gold, and Bitcoin fell as markets priced in potentially higher rates and reduced liquidity. Warsh has previously said Bitcoin can act like a store of value, though his focus remains on price stability and disciplined policy.
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