Fed names Powell interim chair until Warsh takes over
The US Federal Reserve announced that Jerome Powell will serve as interim chair until Kevin Warsh takes office. The move fills the gap left after Governor Stephen Miran's departure. The transition comes at a delicate moment as inflation is climbing again and the rate-cut calendar is in dispute.
According to the Fed's statement, Jerome Powell will continue as interim chair until Kevin Warsh formally takes office. The announcement, relayed by TRT Haber Ekonomi, plugs the institutional gap that opened when Governor Stephen Miran resigned last week. Powell's official chairmanship had ended in November.
The interim period is hemmed in by a tight agenda. US headline inflation has begun to climb again and 10-year Treasury yields keep rising on a weekly basis. As CNBC has reported, incoming Chair Warsh is expected to face a clear FOMC bloc that is wary of rate cuts. Powell's final-meeting decisions could therefore leave a policy frame that constrains the next board too.
Markets are already absorbing the transition. The dollar index is trading in a narrow range while rate-sensitive sectors swing on each headline. For emerging markets, including Turkey, the Fed's communication clarity is critical; Powell's remarks ahead of the next CBRT meeting will be closely tracked by investors.
More from Europe
Türkiye Wealth Fund sells 5% stake in Türkiye Sigorta to international investors
Türkiye Wealth Fund (TVF) announced the successful sale of shares equal to 5% of Türkiye Sigorta to international investors, out of its 81.1% stake. The transaction was a long-awaited test of foreign investor appetite for Turkish capital markets. Strong demand is expected to be reflected positively in the BIST financials index.
CBRT April Inflation Assessment: Annual inflation rises to 32.37 percent
The Turkish Central Bank released its April inflation assessment, showing consumer prices rose 4.18 percent month-on-month, while annual inflation climbed to 32.37 percent—up 1.50 percentage points. Energy prices surged 14.4 percent, with the underlying trend moving higher.
Airlines can cancel flights in advance over fuel shortages under new plans
Under new UK government plans, airlines can cancel flights in advance due to fuel shortages rather than wait until the last minute. This allows passengers time to rebook and make alternative arrangements.