Kevin Warsh's Fed Chair nomination reveals a collision between political pressure and inflation data

Senate Banking Committee member Thom Tillis will block all Federal Reserve nominees, including Kevin Warsh, until the Justice Department investigation into Jerome Powell is concluding. The Justice Department is investigating Powell for claims he made about the Fed headquarters renovation during congressional testimony. Donald Trump nominated Warsh to replace Powell, who has faced criticism from Trump for not cutting interest rates more aggressively. Senate Banking Committee Chairman Tim Scott announced a confirmation hearing for Warsh next week. The process is the same as the outcome remains uncertain because Senator Tillis will only vote 'yes' on Warsh if the Justice Department wraps up its investigation in the next several weeks.