PANews reported on January 30th that, according to Jinshi, Tim Kelleher, Head of Institutional Foreign Exchange Sales at the Commonwealth Bank of Australia's Auckland branch, stated that there was indeed some immediate buying of the US dollar after the news broke that Warsh would be nominated as the new Chairman of the Federal Reserve. Given that Warsh is currently the most likely candidate, if it were indeed him, I doubt the market would experience the same dramatic immediate reaction as if Reid had been elected. The market is very familiar with Warsh, which will likely stabilize sentiment to some extent. Our current interpretation is that Warsh is more like a "steady and reliable trader" rather than the type who "makes radical changes and starts from scratch," like Stephen Miran.