Stocks fell and bond yields rose as President Trump prepared to nominate Kevin Warsh as the next Federal Reserve chair, a choice viewed as more hawkish than other contenders. The pick goes against Trump’s push for the Fed to lower int rates, given Warsh’s past hawkish position on monetary policy and inflation. Warsh's nomination may face a complicated path to confirmation in the US Senate, with Senator Thom Tillis vowing to block any of Trump's Fed nominees until an investigation into the central bank's renovation is resolved. Trump is expected to announce his choice for Fed chair on Friday morning.
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