00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Kevin Walsh was confirmed Wednesday as the next Federal Reserve chair in a 54 to 45 Senate vote
00:08that largely followed party lines, according to CNBC.
00:12Walsh will replace Jerome Powell when Powell's term expires Friday,
00:16though Powell will remain on the Fed board while an investigation into renovations at the Fed's
00:21headquarters continues. President Trump has publicly pushed for lower interest rates
00:25and repeatedly criticized Powell's monetary policy. White House spokesman Kush Desai said
00:31Kevin Walsh's confirmation as Federal Reserve chair would restore accountability,
00:36confidence and confidence in Fed decision making. Markets have reduced expectations for rate cuts
00:42and are pricing in the possibility of a rate increase later this year.
00:46Walsh previously served at the Fed from 2006 to 2011 and has criticized monetary policy
00:53since leaving the central bank.
00:54For all things money, visit Benzinga.com.
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