-- The US Senate Banking Committee on Wednesday voted 13-11 to advance Kevin Warsh's nomination as the next chair of the Federal Reserve, according to media reports.
Warsh is on track to be confirmed by the full Senate before current Fed Chair Jerome Powell's term ends on May 15, the reports said.
The US Senate Banking Committee voted Wednesday to advance Kevin Warsh's nomination as Federal Reserve chair to the Republican-controlled Senate.Warsh is President Donald Trump's pick to replace Jerome Powell, whose term as Fed chief expires on May 15. Trump has repeatedly criticized Powell for the central bank's cautious view on lowering interest rates.The committee voted 13-11 to set Warsh up for a final confirmation vote in the Senate, hours before the Fed was scheduled to announce its decision on interest rates. The Federal Open Market Committee is widely expected to leave its policy rate unchanged later today.This could be Powell's last monetary policy meeting as Fed chief, assuming the full Senate confirms Warsh in the week of May 11.Powell's term on the Fed's Board of Governors runs through January 2028, though its unclear if he would exit the Fed or decide to stay on."If the Senate Banking Committee confirms Kevin Warsh tomorrow morning, Powell could potentially announce he is stepping down at the press conference, with Warsh presumably taking a seat at the helm for the June FOMC meeting," Stifel said in a note on Tuesday.Warsh served as a governor on the central bank's board from 2006 to 2011. Before joining the Fed, he was part of the George W. Bush White House and had worked at Morgan Stanley (MS).
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Uber Technologies (UBER) said Wednesday that it is collaborating with Expedia (EXPE), allowing users to book hotels directly through the Uber app.Under the partnership, Uber said its users in the US will eventually have access to more than 700,000 properties in destinations worldwide. The partnership is expected to expand beyond the US, it said.Uber One members will earn 10% back in Uber One credits on all hotel bookings, and will save at least 20% on a rolling list of over 10,000 hotels, the company said.Following an initial pilot, Uber rides will also be integrated into the Expedia app from June, the company said.Uber launched several other features on its app, covering travel, shopping, voice bookings, and food, the company said.Price: $73.87, Change: $-0.24, Percent Change: -0.33%