1524 ET - The Fed could become more focused under the leadership of Kevin Warsh, who has been nominated by President Trump to replace Chair Powell but is yet to be approved by the Senate. Chilton Trust's Tim Horan foresees the central bank shifting away from balance sheet concerns and focusing more on productivity, price stability and employment. He expects "a more well-focused, purposeful, muscular Fed." The change would have broader implications. "This is going to require additional financial deregulation" and a closer relationship between the Fed and the Treasury, among other impacts, he says. (paulo.trevisani@wsj.com; @ptrevisani)

(END) Dow Jones Newswires

February 19, 2026 15:24 ET (20:24 GMT)

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