Trumponomics

Warsh May Not Be the Hawk Wall Street Expects

Evercore ISI Vice Chairman Krishna Guha warns that investors may discover Donald Trump’s Fed Chair pick is more dovish than he looks.

Kevin Warsh, Donald Trump’s pick to replace Fed Chair Jerome Powell, during the International Monetary Fund and World Bank Spring meetings in Washington last year. — Kevin Warsh, Donald Trump’s pick to replace Fed Chair Jerome Powell, during the International Monetary Fund and World Bank Spring meetings in Washington last year.
Photographer: Bloomberg

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By Sommer Saadi and Stephanie Flanders

February 12, 2026 at 12:21 PM UTC

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Donald Trump has been touting his pick to replace Fed Chair Jerome Powell as an economic boon, claiming Kevin Warsh will help deliver an improbable 15% rate of US growth. But financial markets will likely be content with something less hyperbolic: reassurance he won’t simply do the president’s bidding.