PANews reported on January 30th that Rodrigo Catril, senior foreign exchange strategist at National Australia Bank's Sydney branch, stated that if the news of Warsh's nomination as the new Federal Reserve Chairman is true, its impact could be significant. This is because he is considered a highly respected economist. More importantly, in a speech last April, he not only firmly defended the Fed's independence but also harshly criticized the Fed and other central banks for not communicating rigorously regarding their respective policy mandates. Therefore, overall, the market reaction is bullish for the US dollar. This is because Warsh's appointment would not only reinforce the market expectation that "the Fed's independence will be protected" but also reinforce the view that even if Warsh implements some reforms, it will not bring about drastic changes to the Fed. Crucially, this does not mean that the Fed will become a mere appendage of Trump or any other president's will, arbitrarily manipulated by them.