We expect Trump to announce his choice for new Fed chair before the Jan 27-28 Fed meeting. If betting markets are correct that former Fed governor Kevin Warsh is the Fed Chair nominee, we expect equity markets to react negatively, given his previous hawkish views on inflation and favoring a more restrictive monetary policy. Why Trump would pick Warsh when Trump wants a Fed Chair who favors a more accommodative monetary policy makes no sense to us.
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