<div id="readability-page-1">Leadership change: Kevin Warsh succeeds Jerome Powell as Fed chair, bringing a hawkish policy stance and a goal to shrink the central bank's $6.7 trillion balance sheet. Market risks: Warsh’s plans could raise borrowing costs, pressure high-valuation stocks, and remove a safety net investors have relied on for 15 years. Political tensions: His approach may clash with President Trump’s push for rapid rate cuts, while FOMC divisions threaten policy cohesion.</div>

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<p>Kevin Warsh has taken over as Fed chair from Jerome Powell, aiming to reduce the central bank's $6.7 trillion balance sheet. His hawkish stance may increase borrowing costs and impact high-valuation stocks, potentially conflicting with President Trump's desire for quick rate cuts amid existing FOMC divisions.</p>

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Warsh takes Fed helm with plan to slash $6.7T balance sheet