AI Summary
5 min readTrump's Fed pick heads to Capitol Hill as energy diversification picks up steam
Kevin Warsh, President Trump's nominee to lead the Federal Reserve, faces his nomination hearing on Capitol Hill this morning. In prepared opening remarks, Warsh signaled a clear view of the Fed's mandate: inflation is "a choice," he said, and the central bank "must take responsibility for it." But he also pushed back against the idea that the president publicly stating his preference for lower interest rates threatens the Fed's independence. Warsh argued that "operational independence of monetary policy is not particularly threatened when elected officials like the president state their views on interest rates." At the same time, he stressed the Fed should "stay in its lane" and avoid wading into fiscal and social policy where it has "neither authority nor expertise."
Energy companies look beyond the Middle East
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What you'll learn
- 1 (01:11) **Kevin Warsh Fed Nomination Hearing** - Trump's pick for Fed chair heads to Capitol Hill for his nomination hearing, with market expectations of lower rates in the background.
- 2 (02:10) **Oil Companies Diversifying Away from the Middle East** - Energy firms are looking beyond the Middle East for new drilling, spurred by political instability and supply chain disruptions.
- 3 (03:54) **Trump Invokes Defense Production Act for Energy** - President Trump said he will use a 1950s law to boost production of oil, coal, and natural gas, citing national security.
- 4 (05:38) **Social Capital as an Economic Boost in Minnesota** - Following a period of intense federal immigration enforcement that dealt a $203 million hit to Minneapolis, residents responded with mutual aid, illustrating the power of "social capital."
- 5 Standout Quotes
- 6 (01:45) "Warsh says Fed independence is largely up to the Fed, and inflation is a choice, and the Fed must take responsibility for it."
- 7 (03:38) "Everyone thinks about them as sort of these very technical companies at their core, their business is risk management."
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Guests on this episode
Show Notes
President Trump’s nominee to head the Federal Reserve, former Fed governor Kevin Warsh, will testify on Tuesday for his nomination hearing. Warsh is expected to toe the line between maintaining Fed independence and heeding calls from elected officials. Also on the program: war in the Middle East has energy companies looking for ways to diversify their oil supply. Plus, a look into how “social capital” helped to rebuild morale, and economic growth, in Minneapolis following Operation Metro Surge.
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