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

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

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.

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.