President Trump’s nomination of Kevin Warsh to replace Jerome Powell marks a major moment for the Federal Reserve. This is not just a routine transition. It comes after years of public pressure, political conflict, and rising scrutiny of the Fed’s independence. Markets may not be reacting dramatically today, but leadership changes like this tend to shape policy over time, not overnight. Inflation is not fully defeated. Growth is uneven. Government borrowing is rising. And now the Fed is facing m
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