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From the New York Times, I'm Michael Bavaro.
This is The Daily.
On Wednesday afternoon, after a year of harassing and threatening the chairman of the most powerful financial institution
in the country, President Trump finally replaced him, sort of, today.
Colby Smith on how the president ended one standoff at the Federal Reserve, only to create a new one.
It's Thursday, May 14th.
The ayes are 54.
The nays are 45.
The nomination is confirmed.
The president would be immediately notified of the Senate's action.
The Senate is confirming Kevin Warsh is the next chair of the Federal Reserve.
The move puts President Trump's pick in charge of interest rate policy during a time
of high prices and economic uncertainty.
Colby, we find ourselves in a very curious place.
Just a few hours ago, the U.S. Senate confirmed President Trump's choice to replace Jerome Powell as chairman
of the Federal Reserve, Powell whom the president has hated with the heat of a thousand suns, and yet.
Powell is refusing to entirely see the stage, even though he's no longer going to be chairman of the Fed.
He's made this very surprising decision to stay on at the Fed, not retire.
And it 's created this totally unusual scenario,