Kevin Warsh was sworn in as Chairman of the Federal Reserve Board of Governors on May 22, 2026, and was unanimously elected chair of the FOMC. Warsh, a former Fed governor and known hawk, has publicly signaled intentions for institutional and policy reform, including potential restructuring of the Fed's balance sheet and communication framework. His ascension ends an extended period of Fed leadership uncertainty following the Powell era.
For Armada's traditional repo desk, Warsh's rate and balance sheet posture will directly shape SOFR fixings, RRP take-up levels, and the outlook for any SLR recalibration that could affect dealer intermediation capacity. For the crypto desk, Warsh's views on digital asset oversight and any Fed fintech policy shifts warrant close monitoring as counterparty risk frameworks are reassessed.