🇺🇸 TODAY: Senator Thom Tillis says he will support Kevin Warsh's Fed Chair confirmation. His backing comes after the DOJ closed its criminal investigation into Jerome Powell, clearing a key hurdle.

Senator Thom Tillis announced his support for Kevin Warsh’s Federal Reserve Chair confirmation, bolstering Warsh’s prospects amid a narrowing path to Senate approval. The shift in sentiment follows the DOJ’s closure of its criminal investigation into incumbent Jerome Powell, removing a political overhang that had fueled uncertainty around Fed leadership continuity. This development strengthens expectations of a stable transition, supporting the USD through improved confidence in institutional integrity and potential policy continuity or clarity. Markets most exposed include USD-denominated assets and rate-sensitive instruments, particularly futures tied to Fed policy expectations. Traders will watch the upcoming Senate Banking Committee vote as the next concrete catalyst for Warsh’s confirmation trajectory.

The US Dollar (USD) is the world's primary reserve currency and the base for most forex majors. Headlines about Federal Reserve policy, US macro data (CPI, NFP, GDP), and Treasury yield shifts typically drive USD pair direction within seconds of release.

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