Fed Chair Powell Announces Successor, Division on Rate Decision

In a press conference marking the end of her chairmanship, Fed Chair J. Powell announced her successor, Kevin Walsh, while leaving the Fed's policy rate unchanged. The decision was met with division among Fed officials, with some voting to cut rates. The markets reacted to the policy division, with stocks and bonds falling despite resilience in Asia tech. The ongoing US-Iran war and its impact on oil prices were discussed, with Brent crude hovering around $100 per barrel. The reaction in the Treasury space suggested that some officials believe the Fed should prioritize the inflation outlook over an easing bias. The upcoming meetings of other central banks were also mentioned, with all eyes on the long-term impact of the war on oil prices. Kevin Walsh's advancement in the Senate Banking Committee was noted, with his potential challenges as the next Fed chair discussed.