A key GOP senator is vowing to oppose Warsh's nomination until the DOJ probe into Fed Chair Jerome Powell is resolved. Here's why that's a big deal.

The price of silver plummeted Friday, following President Donald Trump’s announcement that he will nominate economist Kevin Warsh to chair the Federal Reserve.

Mr. Warsh is known as a consensus builder, skills he will need if he is to head the Federal Reserve when President Trump is demanding rock-bottom rates.

Warsh has recently advocated for lower rates, but a smaller Fed balance sheet.

Kevin Warsh’s long-held desire to slash the Federal Reserve’s balance sheet is likely to clash with Donald Trump’s relentless calls for the central bank to depress long-term borrowing costs, big fund managers have said.

Andrew Slimmon, Morgan Stanley senior portfolio management, joins 'The Exchange' to discuss Trump's nomination to head the Federal Reserve, Kevin Warsh.