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Kevin Warsh waited almost a decade before finally clinching President Donald Trump’s nomination to be chair of the Federal Reserve. He won’t need to wait as long before his first big test in the job.

Having won the race with a promise of “regime change” at the Fed, suggesting he would make significant changes, Warsh has pledged to shrink the Fed’s balance sheet and argued that a productivity boom driven by artificial intelligence will keep inflation low.

While that prognosis was enough to convince Trump, his Fed pick will now need to convince fellow policymakers and investors. After cutting rates three times late last year the Fed hit pause in January amid persistent inflation, signs of a stabilizing labor market and expectations for stronger growth in 2026. Traders aren’t pricing another rate cut until June, at the earliest.

The tension in Trump’s demand for cheaper borrowing costs may ultimately be resolved by a weakening labor market or lower inflation. Such a backdrop would greenlight Warsh to push for more rate cuts, and possibly win support from other policymakers.

Today's show features:

• Bloomberg TV and Radio International Economics & Policy Correspondent Michael McKee on President Donald Trump’s intent to nominate Kevin Warsh to be the next chair of the Federal Reserve
• Katy Kaminski, Chief Research Strategist and Portfolio Manager at AlphaSimplex Group, on the bond market and expectations for the Federal Reserve’s next leader
• Jan van Eck, Chief Executive Officer of VanEck Funds, on the stock and commodities market outlook and investing through ETFs
• Ellen Wald, President of Transversal Consulting and Senior Fellow at the Atlantic Council, on earnings from Exxon and Chevron, and the energy market amid unrest related to events in Iran and Venezuela