Gold and silver plunged on Friday as traders reacted to Kevin Warsh's nomination as Fed chair. The dollar jumped and the debasement trade took a hit.

Kevin Warsh has a tremendous opportunity to be a transformational figure in Fed history

Kevin Warsh’s long-held desire to slash the Federal Reserve’s balance sheet is likely to clash with Donald Trump’s relentless calls for the central bank to depress long-term borrowing costs, big fund managers have said.

The concern is whether the president can eventually force short-term interest rates lower, which probably wouldn’t drive jobs higher and might set off more inflation.

By Andrea Shalal WASHINGTON, Jan 30 (Reuters) - Kevin Warsh, President Donald Trump's pick to head the Federal Reserve, has earned over $1 million since 2020 as a member of the board of e-commerce company Coupang,

US stocks slid on Friday as President Trump said he would nominate Kevin Warsh to lead the Federal Reserve, against a background of a rising dollar and a screeching halt to 2026's roaring metals rally.

Republican Senator Thom Tillis reiterated his intention to block Kevin Warsh from becoming chairman of the Federal Reserve until a criminal investigation into renovations at the Fed is stopped, despite his belief that the nomination is a good one.