Live markets: Bitcoin continues holding pattern near $77,000 ahead of Kevin Warsh taking over at Fed
liveUpdated 14 minutes ago
Kevin Warsh was sworn in as Fed chairman in a White House ceremony early Friday afternoon.
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Kevin Warsh has now been sworn in by President Trump as the chairman of the U.S. Federal Reserve, replacing Jerome Powell, who will continue at the Fed as a governor.
“I will lead a reform-oriented Federal Reserve, learning from past successes and mistakes, both escaping static frameworks and models, and upholding clear standards and integrity and performance today marks a return to an institution that I do in fact cherish,” said Warsh in his remarks at the swearing-in ceremony.
Bitcoin continues trading little-changed at just under $77,000, while stocks continue modestly higher, the Nasdaq ahead 0.5%.
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As has been the case all week, bitcoin (BTC) is trading in a tight range around the $77,000 level in U.S. morning action.
There was some economic news on Friday morning, and it wasn’t pretty. The University of Michigan Consumer Sentiment Index for May fell to a record low 44.8 from 48.2 previously and versus economist forecasts for 48.2. The Expectations Index also fell to a record low of 44.1.
The UMich 1-year Consumer Inflation Expectations Index rose to 4.8% from 4.5% previously. The 5-year Inflation Index rose to 3.9% from 3.4%.
It’s yet another disturbing stagflationary data point confronting Kevin Warsh as he’s set to take over as chairman of the Federal Reserve. President Trump appointed Warsh in the hope that he would lead the central bank to cut interest rates, but the Iran war has sent oil prices soaring and re-ignited what had been cooling inflation.
Rate traders are now pricing in more than a 70% chance of one or more rate hikes by the end of 2026.
Warsh’s official swearing-in is set for 11 am ET.
U.S. stocks, meanwhile, are posting modest gains ahead of the three-day weekend. The Nasdaq is higher by 0.3% and the S&P 500 by 0.4%.
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Spot volumes fell 14.0% to $1.05T in April, the lowest since November 2023. Total exchange volume declined 11.7% to $4.61T, a fourth straight monthly drop.
5 hours ago
Spot volumes fell 14.0% to $1.05T in April, the lowest since November 2023. Total exchange volume declined 11.7% to $4.61T, a fourth straight monthly drop.
Why it matters:
Spot volumes fell 14.0% to $1.05T in April, the lowest since November 2023. Total exchange volume declined 11.7% to $4.61T, a fourth straight monthly drop.