Kevin Warsh appears on track for confirmation as the next Federal Reserve chair. Sen. Thom Tillis, a previous holdout, wrote on X on Sunday, April 26, that, “I look forward to supporting Kevin Warsh’s confirmation.” That’s because the Department of Justice appears to have dropped its criminal investigation into Jerome Powell, which Tillis strongly opposed as a challenge to the Fed’s independence.

If confirmed, Warsh could become Fed chair in May and preside over his first meeting of the Federal Open Market Committee on June 16-17. Warsh outlined during his April 21 confirmation hearing that he plans “regime change” at the Fed, with reduced emphasis on forward guidance, a smaller balance sheet and a more focused role for the central bank on a narrow definition of monetary policy. These initiatives align with Warsh’s previous statements. However, the overall path for monetary policy may remain similar to Powell’s, based on market........

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