This is very much a formality process but Warsh still has to play his part in keeping appearances to get officially be confirmed as Fed chair. The testimony is just the hearing before lawmakers with everything else already settled. It's now a question of when with the investigation probe on Powell still ongoing. That is the only question mark with regards to all this.What may be worrying for markets is the whole backdrop we're seeing. The details of Warsh's testimony was leaked to the media yesterday and that is already not a good look. If this is what is going to like for the coming years, expect there to be a lot of frontrunning in markets before any major Fed communication event. And that includes the FOMC meetings themselves.The full text of Warsh's prepared remarks can be found here.If you're looking for a summary, you can check out our earlier posts below:Fed nominee Kevin Warsh says central bank independence depends on discipline, not politicsWarsh to tell Congress he's committed to ensuring monetary policy is strictly independentThere will be watchful eyes on his tone and language in delivering the remarks though. Is he going to be maintain a strict and hard line on preserving the Fed's independence? If so, how far will he be willing to go in doing that amid fears that he might upset Trump?That will be the thing markets have to look out for and may choose to respond in the future. For now, US-Iran developments will dominate proceedings. But once the storm passes (even if it may be many more weeks from now), this is what will matter most at the end of the day. This article was written by Justin Low at investinglive.com.