Kevin Warsh Takes Fed Chair Role May 22 Under Trump

Kevin Warsh will be inaugurated as Federal Reserve chair on May 22, 2025 (US Eastern Time) at the White House under President Donald Trump's direction, according to Reuters citing White House officials on April 18. Warsh is the first Fed chair nominee publicly understood to be supportive of Bitcoin and digital assets. During his April 21 Senate confirmation hearing, when Senator Cynthia Lummis asked whether digital assets should be integrated into the financial industry to provide Americans new investment opportunities and consumer protection, Warsh responded: "Digital assets are already part of US financial services industry structure." In a 2021 CNBC interview, Warsh stated: "Bitcoin is new gold for the under-40 generation."

## Weekly Macroeconomic Calendar (May 21–23)

### May 21 Events

April FOMC Meeting Minutes: 3:00 AM KST

The Federal Open Market Committee meeting minutes reveal discussions among Fed officials regarding inflation and interest rate decisions from the prior month. Market expectations for rate cuts can shift based on the tone of these minutes.

US Weekly Initial Jobless Claims: 9:30 PM KST

For the week of May 3–9, initial jobless claims totaled 211,000, an increase of 12,000 from the prior week. Continuing jobless claims for the week of April 26–May 2 reached 1,782,000, up 24,000 from the previous week. Despite the week-over-week increase, the overall claim level remains historically low.

US May Manufacturing PMI Preliminary: 10:45 PM KST

This index measures US manufacturing sector conditions. A reading above 50 indicates manufacturing expansion.

US May Services PMI Preliminary: 10:45 PM KST

This index measures US services sector conditions. A reading above 50 indicates services sector expansion.

### May 22–23 Events

Warsh Fed Chair Inauguration: May 22 or 23

The official inauguration ceremony is scheduled to occur between May 22 and 23, 2025.