The U.S. Senate confirmed Kevin Warsh as the Federal Reserve chair succeeding Jerome Powell. All Democrats apart from one Kevin Fetterman from Pennsylvania voted against Warsh. Check Powell’s term as Fed chair ends on May 15.

The markets will test Chair Warsh and already are with the 30 year bond yields above 5%. The yield is currently 5.045%. The 10 year yield is also higher at 4.478%. The two year yield is 3.99%.

Although the Fed chair and with the power that comes with deposition, the Federal Reserve decisions are made by a 12 member board making up the Federal Reserve open market committee.

• 7 members from the Federal Reserve Board of Governors including the Fed chair
• 1 permanent vote from the president of the Federal Reserve Bank of New York
• 4 rotating votes from the other 11 regional Federal Reserve Bank presidents

So when traders refer to “Fed voters,” they are usually talking about those 12 FOMC voting members.

However, all 19 participants (the 7 governors plus 12 regional Fed presidents) attend meetings and contribute to discussions, even if they do not vote that year.