Caixin Data May 12 — The Senate nominee for the next U.S. Federal Reserve chair, Kevin Waugh, nominated by Trump, cleared a key procedural hurdle on Monday local time. Powell’s term as chair is set to end this Friday. The Senate is expected to vote as early as Tuesday to confirm Waugh as a Federal Reserve board member, following Monday’s so-called “cloture vote,” with a term of 14 years. After that, lawmakers will also begin the confirmation process for his concurrent four-year term as Federal Reserve chair, with the relevant vote possibly taking place as early as Wednesday. The Senate, controlled by the Republicans, is expected to approve Waugh as the next leader of the Federal Reserve. The Fed’s next meeting (which may also be its first meeting after Waugh becomes chair) is scheduled for June 16–17 local time.

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