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Suzlon achieved its highest-ever quarterly deliveries of 617 MW, driving EBITDA growth of 48 per cent and margin expansion to 17.5 per cent View More

Here are five key things investors need to know to start the trading day. View More

This is CNBC's Morning Squawk newsletter. Subscribe here to receive future editions in your inbox.Happy Wednesday. In addition to Disney's Josh D'Amaro, there was another top dog announced yesterday: Penny the Doberman pinscher won best in show at the Westminster Kennel Club Dog Show.Stock futures are ticking higher this morning. The market is coming off a negative session.Here are five key things investors need to know to start the trading day: 1. The glass slipper fits Josh D'Amaro, Chairperson of Walt Disney Parks and Resorts, speaks during Day 2 of the D23 Brazil: A Disney Experience at Transamerica Expo Center on November 09, 2024 in Sao Paulo, Brazil.Ricardo Moreira | Getty Images Disney officially has a new chief executive in waiting. The entertainment giant announced that D'Amaro, who runs its fast-growing experiences business, will succeed CEO Bob Iger beginning March 18.Here's what to know:D'Amaro was tapped for the role after nearly three decades at the Mouse House. He will be the company's eighth chief executive in its more than century of existence.The 54-year-old most recently chaired Disney's experiences division that includes parks and cruises — a unit the company said earlier this week reached $10 billion in quarterly revenue for the first time.There's also a happy ending for Disney Entertainment Co-Chair Dana Walden, who was seen as the other CEO frontrunner in the closely watched succession story. She will become Disney's president and creative chief, reporting directly to D'Amaro.Media reports ahead of the announcement widely suggested D'Amaro would win the role, leaving Wall Street largely unsurprised by the decision.Disney's stock ticked lower in yesterday's session, adding to losses seen as earlier in the week after the California-based company's earnings report.D'Amaro is taking on somewhat of an underdog in the public market: Shares of Disney have tumbled more than 40% over the last half decade, while the S&P 500 has climbed more than 80%. 2. Power off Traders work on the floor of the New York Stock Exchange on April 26, 2023 in New York City. Michael M. Santiago | Getty Images Investors dumped technology stocks yesterday, sending the Nasdaq Composite down more than 1%. The S&P 500 fell nearly 1%, dragged down by megacap technology names and a struggling software sector.But there were some bright spots outside of tech: Walmart's stock hit the $1 trillion market cap mark, while PepsiCo rallied close to 5% after beating Wall Street's earnings expectations. Gold and silver funds also regained ground after their recent sell-offs.Today, we're watching Alphabet, whose shares are up roughly 1% in premarket trading ahead of its earnings report after the bell. Follow live markets updates here. 3. Bowl voyage A Chipotle restaurant in San Francisco, California, US, on Friday, Jan. 31, 2025.David Paul Morris | Bloomberg | Getty Images Chipotle shares sunk more than 5% after the burrito chain reported sliding traffic for a fourth straight quarter. That overshadowed narrow beats on both lines in the period.The fast-casual chain also said that same-store sales declined 1.7% in 2025, its first annual drop since 2016. An immediate recovery may not be on the horizon: Chipotle said to expect flat same-store sales in 2026.Chipotle is coming off a rough patch, with shares down nearly 33% over the last 12 months. As CNBC's Amelia Lucas notes, the California-based company has tried to entice consumers back to stores by rolling out "protein cups" and aiming to raise prices at a slower clip than inflation. Get Morning Squawk directly in your inboxCNBC's Morning Squawk recaps the biggest stories investors should know before the stock market opens, every weekday morning.Subscribe here to get access today. 4. Opening day US President Donald Trump signs a funding bill to end a partial government shutdown in the Oval Office of the White House in Washington, DC, on Feb. 3, 2026. Saul Loeb | AFP | Getty Images President Donald Trump yesterday signed into law a bill to reopen the federal government, which has been partially closed since Saturday. The deal, which the House of Representatives narrowly passed earlier in the day, provides funding for several departments through the end of the fiscal year.But the agreement provides just two weeks of stopgap funding for the Department of Homeland Security. Congress and the White House will have to go back to the negotiating table to decide what comes next for DHS, which has been under scrutiny following the killings of two U.S. citizens by federal immigration officers in Minnesota.Meanwhile in D.C., CNBC confirmed yesterday that Federal Reserve Governor Stephen Miran is leaving his position as chair of the Council of Economic Advisers. Miran has been on leave from the CEA since September, when he was appointed by Trump to fill the unexpired Fed Governor term of Adriana Kugler following her abrupt resignation. 5. No-go for Novo The logo of pharmaceutical company Novo Nordisk is displayed in front of its offices in Bagsvaerd, on the outskirts of Copenhagen, Denmark, Nov. 24, 2025. Tom Little | Reuters Novo Nordisk said yesterday that it expects sales and profit growth to drop this year. The weak forecast sent U.S.-listed shares tumbling more than 14% in Tuesday's session, their worst day in around six months.The drugmaker's total sales are expected to take a hit from its deal with the Trump administration to cut prices. Loss in exclusivity for its popular Wegovy and Ozempic drugs in a handful of countries is also expected to pose a headwind for Novo. Shares fell further in premarket trading this morning after CEO Mike Doustdar warned on CNBC's "Early Edition Europe" that the company's situation would get worse before improving.On the other hand, Eli Lilly shares jumped more than 8% in premarket trading today after the company exceeded analyst expectations on both lines in the fourth quarter. The pharmaceutical giant's full-year revenue outlook also came in stronger than anticipated, as demand for Zepbound and Mounjaro soars. The Daily Dividend In an interview with CNBC's Jim Cramer that aired yesterday, Nvidia CEO Jensen Huang brushed off a report of brewing tensions between the chipmaker and OpenAI. Nvidia in September announced its plan to invest up to $100 billion in the AI company. There’s no drama involved.Jensen HuangNvidia CEO CNBC's Lillian Rizzo, Sarah Whitten, Lee Ying Shan, Chloe Taylor, Sean Conlon, Jacob Pramuk, Amelia Lucas, Garrett Downs, Jeff Cox, Steve Liesman, Darla Mercado, Elsa Ohlen, Annika Kim Constantino and Kif Leswing contributed to this report. Josephine Rozzelle edited this edition.

Shares of Chinese solar panel makers surged after a team of staff sent by Elon Musk had reportedly visited several photovoltaic suppliers in China. View More

In this articleTSLAJKSFollow your favorite stocksCREATE FREE ACCOUNT A car travels past photovoltaic panels at the Al Dhafra Solar project, constructed by Electricite de France SA (EDF) and Jinko Power Technology Co. Ltd., in Abu Dhabi, United Arab Emirates, on Tuesday, Jan 31, 2023. Christopher Pike | Bloomberg | Getty Images Shares of Chinese solar panel makers surged Wednesday after local media reported that staff linked to Elon Musk had recently visited several photovoltaic suppliers in China, sparking speculation that a high-profile customer could boost demand for advanced products. The reports fueled talk of a potential business partnership and came days after Musk said he planned to build large-scale solar cell production capacity in the U.S. Shares of China-based JinkoSolar, one of the world's largest panel producers, jumped as much as 20% in early trade, hitting their daily limit, according to LSEG data.Jolywood Suzhou Sunwatt, which makes photovoltaic auxiliary materials, also saw its shares jump 20%.Other solar panel makers, including Trina Solar and Shenzhen Topraysolar, gained 8.9% and 10%, respectively. The CSI All Share Solar Power Equipment Sub-Industry Index rose 6.8%. Stock Chart IconStock chart icon According to local media reports, a team sent by Musk recently visited several photovoltaic companies in China, including those involved in equipment manufacturing, silicon wafers, battery modules and perovskite technology.The visitors appeared most interested in suppliers developing heterojunction and perovskite technologies — next-generation approaches that aim at improving cell efficiency. Perovskites could eventually lower costs if manufacturing challenges are resolved. State-backed outlet Cailianshe reported that the visitors were from SpaceX and Tesla. Separately, another state-run outlet, 21st Century Business Herald, reported that JinkoSolar confirmed a visit from a team sent by Musk, but did not elaborate on potential business plans. CNBC could not independently verify the reports. SpaceX, Tesla and JinkoSolar did not immediately respond to requests for comment. Wednesday's rally was driven by a narrative that energy remains the key bottleneck for AI, rather than any change in the companies' fundamentals, said Ke Zong, a portfolio manager at a Shanghai-based quant fund."Musk's apparent interest in solar has been read as a signal that tech giants are moving upstream into power," Zong said. "But there hasn't been an immediate shift in fundamentals such as order books — the move was largely momentum trading and short-covering." watch nowVIDEO4:1104:11Elon Musk reportedly plans to merge SpaceX with xAI ahead of IPOClosing Bell: Overtime Musk said during a Tesla earnings call last week that he planned to build 100 gigawatts of solar cell capacity in the U.S. "The solar opportunity is underestimated," he said. China dominates global solar manufacturing, but large state-funded investment has fueled a supply glut, pushing module prices sharply lower and accelerating consolidation across the sector. The solar sector has been grappling with a prolonged price slump and oversupply, squeezing margins even as leading producers continue to add capacity. Against that backdrop, some manufacturers have expanded production overseas, including in the U.S., where tariffs protect domestic producers from low-cost imports from China and Southeast Asia. JinkoSolar aims to build more than 12 gigawatts of solar wafer, cell, and module capacity in Southeast Asia by the end of 2030 and operates a factory in Florida capable of producing about 1.2 million solar panels annually. Following the latest rally, many solar stocks are now "fully valued or overvalued," said Cheng Wang, equity analyst at Morningstar, while maintaining a positive long-term outlook for the sector. Even if Chinese suppliers do, in the slight chance, secure contracts linked to SpaceX, they are unlikely to generate a meaningful revenue boost, Wang said, noting that space-based solar remains economically marginal."While the concept is fascinating, the scale of space-based solar PV is likely to remain negligible compared with terrestrial installations until the cost of deploying panels into space becomes economically viable." watch nowVIDEO5:3705:37Price reforms could accelerate consolidation of Chinese solar suppliers: AnalystThe China Connection

BHEL said a letter of intent (LOI) in this regard has been received from Aditya Aluminium, Hindalco Industries View More

State-owned BHEL has secured a significant order worth Rs 1,200-1,500 crore from Hindalco Industries for a 2 x 150 MW BTG package. The project, to be executed at Lapanga, Odisha, involves comprehensive design, engineering, manufacturing, and commissioning of the power equipment over approximately three years. View More

State-owned BHEL on Wednesday said it has secured an order in the range of Rs 1,200-1,500 crore from Hindalco Industries . BHEL said a letter of intent (LOI) in this regard has been received from Aditya Aluminium , Hindalco Industries . The scope of work includes design, engineering, manufacture, supply up to site, unloading & storage, erection, commissioning and performance guarantee test for 2 x 150 megawatt BTG (boiler, turbine, and generator) package excluding civil work. The project is to be executed at Lapanga, Sambalpur in Odisha in a span of about 3 years, BHEL said in a regulatory filing. Under Ministry of Heavy Industries , BHEL is one of India's largest engineering and manufacturing enterprises in the energy and infrastructure sectors , and a leading power equipment manufacturer globally. Live Events The company provides a comprehensive portfolio of products, systems and services to players in power, transmission, transportation, renewables, water, defence & aerospace, oil & gas, among others. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

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Federal Reserve Board Governor Stephen Miran speaks on "Regulations, the Supply Side, and Monetary Policy" during the Delphi Economic Forum Lecture event, at the National Gallery in Athens, Greece, January 14, 2026. Louisa Gouliamaki | Reuters Federal Reserve Governor Stephen Miran has stepped down from his position as chair of the Council of Economic Advisers, CNBC confirmed.Miran joined the Trump administration's Council of Economic Advisers in January 2025. He had been on leave from this post since September 2025 — when he became a member of the Federal Reserve Board of Governors.Miran was appointed in September to fill the unexpired term of Biden-appointee former Governor Adriana Kugler, who resigned abruptly in August. At the time, Miran said he expected to fill out Kugler's term, which expired Jan. 31, then return to his CEA post.Since taking the post at the Fed, Miran has argued for aggressive interest rate cuts. He has voted "no" at each of the four Federal Open Market Committee meetings he has attended. Central bank policymakers cut their benchmark rate by a quarter-percentage point at three of those meetings; Miran argued for half-point reductions. Most recently, he voted against policymakers' decision to hold rates steady at the January meeting. He wanted to lower rates by a quarter point.This is breaking news. Please refresh for updates.

Fuel demand saw a positive trend in January, with petrol sales up 5.6% and diesel by 3%, driven by increased personal mobility and goods movement. Aviation fuel and LPG consumption also rose, reflecting a robust economic expansion. This growth continues the upward trajectory seen in the April-January period. View More

New Delhi: Petrol sales rose 5.6% year-on-year and diesel demand increased 3% in January, supported by higher personal mobility and goods movement in a fast-expanding economy. Budget 2026Critics' choice rather than crowd-pleaser, Aiyar saysSitharaman's Paisa Vasool Budget banks on what money can do for you bestBudget's clear signal to global investors: India means business Sales of aviation turbine fuel (ATF) climbed 4.8%, while LPG consumption rose 7.5%, according to provisional data from the oil ministry. During April-January, petrol sales grew 6.3% and diesel consumption rose 3%. ATF sales increased 1.8% over the period, while LPG demand expanded 7.3%. Petrol sales growth has moderated in recent months, while diesel demand has picked up after the monsoon. Diesel is traditionally weak in the first half of the year and strengthens in the second half as the festival season approaches, boosting manufacturing activity and demand for goods transport. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

Budget 2026: India's nuclear power ambitions receive a boost. Finance Minister Nirmala Sitharaman has extended customs duty exemptions on imports for nuclear projects until 2035. This move supports the nation's goal of increasing nuclear capacity significantly. Both large and small reactors will benefit from this policy. This encourages a cleaner energy future for India. View More

New Delhi: Finance Minister Nirmala Sitharaman extended basic customs duty exemption on imports of components and goods required for nuclear power projects till 2035. Budget 2026 LiveYour 2-minute guide to becoming a Budget proCheck what gets cheaper and costlier in Budget this yearHow far has India come since the last money manual The extension will cover all nuclear plants irrespective of capacity, which means small reactors and small modular reactors would also stand to benefit. India is targeting 22 GW nuclear capacity by 2032, and 100 GW by 2047, up from 8.8 GW currently. Exemptions may include machinery and materials, control rods and burnable absorber rods, and control and protector absorber rods. "These exemptions have been part of a long-term policy to encourage clean energy transition," said Prasenjit Pal, former CEO, NTPC Parmanu Urja Nigam Ltd. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

The government plans a significant boost for state-owned power companies. Investment is set to rise by nearly 19 percent to over Rs 1 lakh crore in 2026-27. Major players like NTPC and Power Grid Corp will see substantial increases. This move signals a strong focus on enhancing the nation's power infrastructure. View More

The government has proposed to increase total investment by the nine state-owned power sector firms by nearly 19 per cent to Rs 1,01,762.92 crore in 2026-27 compared to the previous fiscal year. Budget 2026 LiveYour 2-minute guide to becoming a Budget proCheck what gets cheaper and costlier in Budget this yearHow far has India come since the last money manual According to the Budget document, the Revised Estimate (RE) of investment by these nine firms is pegged at Rs 85,828.93 crore for 2025-26 while the budgeted estimate (BE) was Rs 86,138.48 crore. Budget 2026 Highlights: Here's the fine print State-owned power giant NTPC's investment will be hiked to Rs 31,000 crore in the next fiscal year from RE of Rs 29,000 crore and BE of Rs 26,000 crore in 2025-26. Similarly, the investment by Power Grid Corp will be raised to Rs 37,000 crore in the next fiscal year from RE of Rs 28,000 crore and BE of Rs 25,000 crore. The investment by SJVN Ltd will be Rs 9,416 crore in FY27 as against RE of Rs 7,500 crore and BE of Rs 12,000 crore in FY26. The investment by NHPC will also go up to Rs 14,323.49 crore in the next fiscal year from RE of Rs 12,478.32 crore and BE of Rs 13,000 crore. Live Events The investment by Damodar Valley Corporation Ltd will be Rs 5,553 crore in FY27, up from RE of Rs 3,394 crore and BE of Rs 3,394.83 crore for FY26. North Eastern Electric Power Corporation Ltd will invest Rs 1,959.37 crore in the next fiscal year as against RE of Rs 1,500 crore and BE of Rs 2,600 crore. However, the investment by Tehri Hydro Development Corporation Ltd has been reduced to Rs 2,385.05 crore for 2026-27 from RE of Rs 3,543 crore. Its investment as per the BE was Rs 3,543.65 crore. Chenab Valley Power Projects' investment for the next fiscal year was also reduced to Rs 1 lakh from the RE of Rs 303.61 crore and BE of Rs 300 crore in 2025-26. Power System Operation Corporation Ltd investment will be Rs 126 crore in the next fiscal year as against RE of Rs 110 crore and BE of Rs 300 crore. The Ministry of Power budget is proposed to be increased to Rs 29,996.85 crore for 2026-27 from the RE of Rs 21,587.66 crore and BE of Rs 21,847 crore this fiscal. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

President Trump named Kevin Warsh to succeed Jerome Powell as Fed chair, ending an odyssey that has seen unprecedented turmoil around the central bank. View More

watch nowVIDEO3:0603:06Trump picks Kevin Warsh for Federal Reserve chairThe Fed President Donald Trump on Friday named Kevin Warsh to succeed Jerome Powell as Federal Reserve chair, ending a prolonged odyssey that has seen unprecedented turmoil around the central bank.The decision culminates a process that officially began last summer but started much earlier than that, with Trump launching a fusillade of criticism against the Powell-led Fed almost since Powell took the job in 2018. "I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best," Trump said in a Truth Social post announcing the selection.The pick of Warsh, 55, likely won't ripple markets because of his past Fed experience and Wall Street's view that he wouldn't always do Trump's bidding."He has the respect and credibility of the financial markets," said David Bahnsen, chief investment officer of The Bahnsen Group, on CNBC's "Squawk Box.""There was no person who was going to get this job who wasn't going to be cutting rates in the short term. However, I believe longer term he will be a credible candidate," added Bahnsen.Stock market futures nevertheless were slightly negative Friday morning, though off their lows since Warsh's appointment became clear.Warsh now faces Senate confirmation. If approved, he will take over the position in May, when Powell's term expires. Warsh will fill the Board of Governors position currently held by Governor Stephen Miran, whose term expires Saturday. Miran can continue to serve until a replacement is named. Read more CNBC news on Kevin WarshWho is Kevin Warsh? What to know about Trump's pick to lead the Federal ReserveTrump nominates Kevin Warsh for Federal Reserve chair to succeed Jerome PowellWhat Trump Fed chair pick Kevin Warsh may mean for consumersSilver drops 30%, gold tumbles as Trump's Fed chair pick eases central bank independence fearSen. Tillis will oppose Trump Fed chair pick Warsh until Powell probe resolvedTrump finally makes his Fed chair pick — what Kevin Warsh means for investorsHassett praises Trump's pick of Warsh to lead Fed, says he has his 'dream job' already 'Regime change' coming? Since Powell's confirmation in 2018, during Trump's first term, the president has persistently hectored policymakers to lower interest rates aggressively. Even with three successive reductions in the latter part of 2025, Trump kept up the attack, pressing for lower rates and criticizing Powell for cost overruns at the Fed's massive renovation of its Washington, D.C., headquarters.Beyond interest rates, Warsh comes to the Fed at a time when policymakers have taken a looser hand on banking regulations. Among the changes, pushed by Vice Chair for Supervision Michelle Bowman, herself once in the running for Fed chair, are lower capital requirements, reducing supervision and supervisory staff, and backing the Fed out of ancillary efforts like pushing banks to prepare for climate events.For his part, Warsh in a CNBC interview last summer called for "regime change" at the Fed."The credibility deficit lies with the incumbents that are at the Fed, in my view," he said during the July interview. It's a position that could put him in an adversarial role at an institution where consensus building is key to policy implementation.Trump's decision to nominate Warsh comes at one of the most precarious moments for the U.S. central bank in decades — with inflation not fully defeated, government borrowing escalating and the Fed itself facing unusually direct political pressure over how it conducts monetary policy.Most recently, the Justice Department subpoenaed Powell regarding the construction project. In an uncharacteristically blunt response, Powell charged the move was a "pretext" to push the Fed into following Trump's orders and ease policy further.To that end, the nomination comes as questions about Fed independence, a bedrock of central bank credibility, have moved from academic debate into concern. Trump and other administration officials have floated ideas ranging from tighter White House oversight to changes in how the central bank sets rates, including forcing the chair to consult with the president on rate decisions."I want to keep it nice and pure, but he certainly wants to cut rates," Trump said Friday afternoon during an Oval Office session with reporters. He added that he has not talked with Warsh about cutting rates, though the president said that would be a litmus test for candidates.The nomination ends a competitive derby that at one point included 11 candidates. They spanned from former and current Fed officials to prominent economists and Wall Street pros in an interview process led by Treasury Secretary Scott Bessent. Ultimately, the field was winnowed to five then four, with Trump last week hinting to CNBC that he had arrived at his choice. Among the finalists were current Governor Christopher Waller, BlackRock bond chief Rick Rieder and National Economic Council Director Kevin Hassett."Christopher Waller, Rick Rieder, and others, were interviewed for the Fed position. They all would have been outstanding, and have a great and unlimited future with 'TRUMP.' Such amazing talent in our Country," Trump said in a separate Truth Social post. Rieder, thought to be the favorite as recently as Thursday afternoon, congratulated Warsh on the nomination."This has been an incredible honor for me," Rieder said in a statement to CNBC. "I congratulate Kevin on his nomination and think he will serve the institution and our nation very well."Trump praised Hassett and said he was so good at NEC that he didn't want to move him."He is doing such an outstanding job working with me and my team at the White House, that I just didn't want to let him go," he said.In a CNBC interview, Hassett said he was not disappointed and wished Warsh well."I've got my dream job," he said. I think President Trump made a great choice, and I'm really thrilled and humbled by all the kind things he said about me. You know, the bottom line is that the economic team in this White House ... I think we've been hitting on all cylinders, and it's a really bad time to change teams." watch nowVIDEO8:2308:23Trump nominates Kevin Warsh for Federal Reserve chair to succeed Jerome PowellSquawk Box Political challenges From here, the nominee faces a tough road.Republican Sen. Thom Tillis of North Carolina has indicated he will block any Fed nominees until the Justice Department probe is finished. "Kevin Warsh is a qualified nominee with a deep understanding of monetary policy. However, the Department of Justice continues to pursue a criminal investigation into Chairman Jerome Powell based on committee testimony that no reasonable person could construe as possessing criminal intent," Tillis posted Friday on social media site X."My position has not changed: I will oppose the confirmation of any Federal Reserve nominee, including for the position of Chairman, until the DOJ's inquiry into Chairman Powell is fully and transparently resolved," he added.Hassett told CNBC that the DOJ issue "could get resolved quickly. The White House is highly, highly confident that Kevin Warsh is a great nominee and that he should be confirmed as soon as possible, and every single resource we have at our disposal is behind him, and behind that outcome."The nomination gained support elsewhere in Congress. Sen. Tim Scott, R-S.C., who chairs the Senate banking committee, praised Warsh's "deep knowledge of markets and monetary policy that will be essential in this role.""The Federal Reserve's decisions touch every American household, from mortgage rates to retirement savings, and President Trump has been clear that bringing accountability and credibility to the Federal Reserve is a priority, and his nomination of Kevin Warsh reflects that focus," Scott said.The issues, though, are more than political.Though Trump has insisted that inflation has been vanquished, it remains a good deal from the Fed's 2% target. At the same time, the labor market has slowed, with the economy current in a no-fire, no-hire climate that poses another challenge to Fed policy.In any event, markets don't expect much action from the new chair: Traders are pricing in at most two more cuts this year before the benchmark fed funds rate lands around 3%, which policymakers have indicates is the long-run "neutral" rate that neither boosts nor hinders economic growth.Then there's the issue of what happens with Powell.Though chairs historically have resigned their Fed positions after being removed as chair, that may not be the case this time around. Powell has two years remaining in his governor term, and he could choose to serve it as a bulwark against Trump's efforts to compromise Fed independence. The Supreme Court already is weighing Trump's move to unseat Governor Lisa Cook, a case that ultimately could decide what powers a president has over Fed board members.