NEW YORK -- The US Senate on Wednesday confirmed Kevin Warsh's nomination as the next chair of the Board of Governors of the Federal Reserve System in a vote of 54-45, placing the 56-year-old financier at the helm of the US central bank as it navigates a complex landscape of surging inflation and geopolitical volatility.

Kevin Warsh wraps up his first Federal Open Market Committee meeting with tumbling oil prices ​and a tentative peace offering a helpful backdrop for leaving interest rates on ‌hold, as traders expect.

Economists say strong job growth and higher inflation linked to the Iran war have reduced the chances of a rate cut, as noted by USA Today.