Kevin Warsh's confirmation hearing for Federal Reserve chair is roughly a week away, yet storm clouds are gathering over his prospects. With the partisan balance on the Senate committee razor-thin, some Republican senators are breaking ranks. Under the current configuration, just one GOP defection would render Warsh's confirmation uncertain. In a worst-case scenario, Jerome Powell—whose relationship with President Donald Trump remains contentious—could continue as acting chair beyond his term, potentially leading the Federal Open Market Committee through its June meeting.
