Warsh to face senators as Trump, Powell spar

Trump’s feud with Powell threatens Fed transition

President Trump’s effort to push out Federal Reserve Chair Jerome Powell is threatening his ability to finally replace his nemesis at the central bank.

The Senate Banking Committee is scheduled to hold a confirmation hearing Tuesday for Kevin Warsh, the former Fed board member Trump nominated to replace Powell as Fed chair.

Trump has spent more than four years across two presidential terms waiting for his chance to remove Powell, who he’s derided, berated and threatened to fire countless times.

But the Trump administration’s criminal probe into the Fed chief — widely seen as a way to push him out sooner — may keep Powell at the bank even longer than he would have been otherwise.

“Warsh’s hearing is expected to focus on his vision for the Fed, both in terms of monetary policy — a defining feature of Trump’s search for the next Fed chair — and the Fed’s balance sheet, which Warsh has promised to shrink,” analysts at Beacon Policy Advisers wrote in a Monday research note.

“But overshadowing tomorrow’s hearing is the murky path forward for Warsh’s nomination,” they added.

Warsh’s confirmation depends largely on when — and if —  the Trump administration drops its sputtering criminal investigation into Powell’s handling of Fed renovations.

Read more tomorrow morning at TheHill.com

Welcome to The Hill’s Business & Economy newsletter, I’m Sylvan Lane — covering the intersection of Wall Street and Pennsylvania Avenue.

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Key business and economic news with implications this week and beyond:

Tim Cook stepping down as Apple chief

Tim Cook is stepping down as Apple CEO after nearly 15 years leading the groundbreaking tech company, it announced Monday.

Carney: Canada’s economic ties with US now a weakness

Canadian Prime Minister Mark Carney on Sunday said the country’s economic ties to the U.S. have become a “weakness,” pointing to global uncertainty caused by President Trump’s trade and tariff policies.

Trump-branded data center project CEO departs

The head of Fermi America, the company building a large-scale data center campus in Texas named after President Trump, has resigned from his current role amid a broader reshuffling of the firm’s leadership.

Maryland to become first state to ban ‘dynamic pricing’ in grocery stores

Maryland is on track to become the first state to ban so-called dynamic pricing in grocery stores across the state.

Upcoming news themes and events we’re watching:

The Senate Banking Committee holds a confirmation hearing for Kevin Warsh to be chairman of the Federal Reserve Board on Tuesday at 10 a.m. EDT

Branch out with more stories from the day:

Oil prices rise and US stocks give back a bit of their record-breaking rally

NEW YORK (AP) — Oil prices climbed Monday following the latest rise of tensions between the United …

Business and economic news we’ve flagged from other outlets:

Amazon to invest up to another $25 billion in Anthropic as part of AI infrastructure deal (CNBC)

Businesses trying to claim tariff refunds are already running into problems (MarketWatch)

Opinions related to business and economic issues submitted to The Hill:

Trump’s new budget signals the demise of ‘liberation day’

The high cost of high minimum wages

You’re all caught up. See you tomorrow! 

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