From New York Times, I'm Michael Bavarro.

This is a daily.

On Wednesday afternoon, after a year of harassing and threatening, the chairman of the most powerful financial institution in the country, President Trump finally replaced it.

Sort of.

Today, Colby Smith on how the president ended one standoff at the Federal Reserve, only to create a new one.

Music a new one. It's Thursday, May 14th.

The eyes are 54, the nays are 45, the nomination is confirmed.

The president would be immediately notified of the Senate's action.

The Senate is confirming Kevin Warsh as the next chair of the Federal Reserve.

The move puts President Trump's pick in charge of interest rate policy

during a time of high prices and economic uncertainty.

Colby, we find ourselves in a very curious place.

Just a few hours ago, the U.S. Senate confirmed President Trump's choice to replace Jerome Powell as Chairman of the Federal Reserve, Powell, whom the

president has hated with the heat of a thousand sons. And yet, Powell is refusing to entirely see the stage, even though he's no

longer going to be chairman of the Fed.

He's made this very surprising decision to stay on at the Fed not retire, and it's created this

totally unusual scenario, old and new Fed chairs, trying to somehow coexist inside the central bank in what is quite likely going to be a very messy situation.

So talk us through the events that got us to this moment over the past few weeks.

So it's a really complicated moment for the Federal Reserve.

Jerome Powell's decision to stay on at the Fed breaks with really decades of tradition.

The last time this happened was in the late 1940s,

and that was at the request of the president at the time, Harry Truman.

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