Jonathan Levin, Columnist

Trump Demanded a Fed Dove. He Picked a Hawk.

January 30, 2026 at 1:53 PM UTC

Jonathan Levin is a columnist focused on US markets and economics. Previously, he worked as a Bloomberg journalist in the US, Brazil and Mexico. He is a CFA charterholder.

New feathers.
Photographer: David Paul Morris/Bloomberg

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President Donald Trump turned the search for a new Federal Reserve chair into a game show. The winner is the most curious possible pick: Kevin Warsh. That choice is bound to add to market volatility and satisfy no one — probably not even the president.

Above all, the choice will be a source of tremendous cognitive dissonance across Wall Street and policy circles. While Trump pledged to pick a Fed chair who would usher in easier monetary policy, Warsh has been regarded as a hawk since his five-year stint as a Fed governor ended in 2011.