The U.S. Senate has confirmed Kevin Warsh as the new Federal Reserve Chair with a narrow vote of 54-45, succeeding Jerome Powell whose term ends this week. This marks the smallest margin in the history of Fed Chair confirmations, highlighting growing bipartisan divisions over the Fed's independence and interest rate policies. During his confirmation hearing, Warsh emphasized that monetary policy under his leadership will remain "strictly independent," though markets are keenly watching whether he will align with Donald Trump's push for rate cuts. Meanwhile, U.S. Producer Price Index (PPI) for April rose 6% year-over-year, exceeding market expectations, as inflationary pressures from rising energy prices continue to spread.