Interest rates, the US dollar, and risk assets might all shake up together tonight.

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Next Federal Reserve Chair may be announce today.
Kevin Warsh, Trump's pick to replace Jerome Powell, is testifying in the Senate right now.
Powell’s term ends in just 24 days
Key points :
- Trump wants lower interest rates and has repeatedly attacked Powell
- Senate is demanding proof Warsh will act independently
- Sen. Thom Tillis is blocking confirmation unless DOJ drops its investigation into Powell
Warsh is caught in the middle — trying to satisfy Trump, convince skeptical senators, and avoid looking political.
If not confirmed by May 15, Powell stays on temporarily.
Today’s hearing could shape interest rates, liquidity, and risk across every asset class
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