President Donald Trump on Friday announced Kevin Warsh as his nominee to serve as chairman of the Federal Reserve, confirming speculation that intensified overnight as prediction markets sharply shifted in Warsh’s favor.

“I am pleased to announce that I am nominating Kevin Warsh to be the CHAIRMAN OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM,” Trump wrote in a post on Truth Social, praising Warsh’s background in monetary policy, finance, and government service. Trump added that Warsh would go down as “one of the GREAT Fed Chairmen, maybe the best.”

Warsh, 55, previously served as a member of the Federal Reserve’s Board of Governors from 2006 to 2011…

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