New Fed Chair Kevin Warsh Launches Sweeping Reform of the Central Bank

Kevin Warsh, who succeeded Jerome Powell as Fed chairman, has begun a systematic reorganization of the U.S. central bank. Reports indicate that dedicated task forces have been set up to review the Fed's communication strategy, operational procedures, and its core decision-making structure. Experts describe Warsh's approach as a 'regime change in a velvet glove' — outwardly gentle but fundamentally transformative. For investors worldwide, including those holding dollar-denominated assets and U.S. Treasury bonds, shifts at the Fed have direct implications for interest rates and the dollar's value. The progress of these reforms will be one of the key drivers shaping global risk appetite in the coming quarters.