Finance

The U.S. Senate approved Kevin Warsh as the next Chair of the Federal Reserve in a 54-45 vote, marking one of the most divisive confirmations for the role. Warsh is set to succeed Jerome Powell on May 15, taking leadership at a critical juncture as the central bank faces pressure to navigate rising inflation and political demands for lower interest rates.

U.S. Treasury yields spiked significantly after the Producer Price Index reported wholesale inflation far exceeding economist expectations. The 30-year bond yield surpassed 5% for the first time since 2007, reflecting weakened demand and shifting investor expectations toward potential interest rate hikes in early 2027.

Cryptocurrency prices experienced slight pullbacks on Wednesday, with Bitcoin trading around the $80,000 mark. Investors are closely monitoring global geopolitical developments and their impact on energy costs, while technical analysts note that the digital asset has continued to defend its long-term moving average support levels.