Something important is currently happening in Washington that many may not notice. Kevin Warsh's nomination for Federal Reserve Chair is starting to take a serious turn, especially after submitting the required financial disclosures to the board on Monday. There was a previous delay that prevented hearings from being held, but now things are moving forward.

The interesting part is that we have a very clear deadline—May 15th, which is when Jerome Powell's term ends. The Trump administration wants Warsh in the position by that date. But not everything is smooth—there's resistance from some politicians who want to resolve certain issues first.

The really intriguing part comes from statements by Stephen Miran, the Fed governor appointed by Trump. He spoke on Tuesday about the impact of energy shocks on inflation, and it was clear he doesn't see things with the same level of concern as others. He said that long-term inflation expectations haven't changed significantly, and that the labor market has been gradually cooling for years.

The key point here relates to the timing of gas and energy readings in general. Miran pointed out that price jumps related to energy usually happen quickly and then fade, which limits their impact on broader inflation. He expects inflation to be close to the target within a year.

This differs from what was shown in the March meeting minutes, where there was more concern that war could raise inflation. In that meeting, officials kept interest rates at 3.5% to 3.75%, but Miran voted to cut by a quarter point—and this has been a known pattern since his appointment in September.

There’s also discussion about stablecoins. Miran did not seem worried that depositors would withdraw their money from banks and put it into dollar-linked stablecoins. He said the volume wouldn't be large enough to threaten the economy.

But Jimmy Cramer had a slightly different view. He believes that if interest rates don't rise again, the upcoming Federal Reserve under Warsh might not raise short-term rates and could even end up cutting them. He pointed out that natural gas in the U.S. is much cheaper than elsewhere, and cars have become more fuel-efficient. In his words: natural gas, not oil, is our secret weapon.

Cramer thinks that inflation caused by tariffs and energy might be considered temporary by the Fed—that is, one-off price increases.

For investors, the main idea is that interest rates remain more important than geopolitical considerations when it comes to stock performance. When rates go up, investors pay less for future earnings, which starts to push the price-to-earnings ratio downward. In summary, important developments are happening now, and closely following these could give you an edge in understanding the market.