Mr. Kevin Warsh’s nomination to be the next US Federal Reserve Chairman could mark the most sweeping changes in the Fed’s operating framework since 1994, when policy rate decisions began to be publicly announced. Even partial implementation of his proposed “regime change” agenda could materially alter how the Fed influences the economy and financial markets. Mr. Warsh has consistently emphasized the need for structural reform at the central bank, and it is our judgment that he will actively pursue such reforms if confirmed. Widely viewed as an inflation hawk based on his 2006–11 tenure as a Fed Governor, market perceptions of his policy stance triggered sharp unwinds in “sell America” trades. While initial market reactions may fade, his agenda points to reduce Fed staff’s influence, greater scepticism toward model-driven forecasting, and a push to shrink the Fed’s balance sheet. Such changes would represent a material departure from the post-GFC policy framework and reshape the Fed’s interaction with markets. At the same time, his nomination signals a period of heightened regime uncertainty, with elevated risks of policy missteps and market volatility during the transition.