The Senate confirmed Kevin Warsh as Federal Reserve Chair on May 13 by a 54-45 vote, paving the way for him to succeed Jerome Powell whose term expires May 15. President Trump's nominee, a former Fed governor, advances the administration's monetary policy vision amid past tensions with Powell over interest rates and Fed independence. Powell has affirmed he will remain on the Board of Governors through 2028, but his chairmanship ends imminently, with Warsh's swearing-in expected shortly thereafter. Traders weigh this procedural certainty against any potential delays in transition or legal challenges, though historical precedents favor smooth handovers post-confirmation. No further Senate action is required for resolution.