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Senate committee delays Fed nominee's hearing, Punchbowl reports

BY Reuters | ECONOMIC | 06:59 PM EDT

WASHINGTON, April 9 (Reuters) - The U.S. Senate Banking Committee is no longer planning to hold a confirmation hearing for Kevin Warsh, U.S. President Donald Trump's pick to run the Federal Reserve, next week, Punchbowl News reported on Thursday, citing two sources familiar with planning.

As of late Thursday, the panel had not yet set or announced a hearing date, which under its rules requires a five-day advance notice.

Hearings are almost exclusively held Tuesdays through Thursdays, making April 21 likely the earliest potential date for a Warsh nomination hearing.

The delay narrows the window for full Senate confirmation before current Fed Chair Jerome Powell's leadership term ends on May 15.

Powell has said that should Warsh not yet be confirmed by then he would continue to serve as chair "pro tem."

The committee did not immediately respond to a request for comment.

Punchbowl reported on March 29 that the hearing would be next week. (Reporting by Jasper Ward in Washington; Editing by Daphne Psaledakis and Cynthia Osterman)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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