Futures tumble on Trump's Fed pick
US stock futures dropped sharply on Monday—S&P 500 fell 1.1%, Dow slipped 0.9%—after President Trump nominated Kevin Warsh as the next Federal Reserve Chair, raising worries about big changes ahead for interest rates and market stability.
Investors unsure about Warsh's direction
Who runs the Fed shapes everything from loan rates to how strong the dollar is.
Warsh has voiced support for lower interest rates in some recent commentary but has also criticized low rates before, so investors are unsure what direction he might take.
Warsh's nomination faces pushback
Warsh's nomination faces pushback from some Senate Republicans, who worry about threats to the Fed's independence after an ongoing Justice Department investigation related to the Fed's headquarters renovation and Powell's testimony.
Still, many GOP members back Warsh for his experience.
The outcome could shake up US financial policy—and your wallet—going forward.