Trump swears in Kevin Warsh as new Federal Reserve chair, replacing Jerome Powell
Warsh pledged a reform-oriented Fed as Trump urged him to stay independent while inflation remains above the central bank’s 2% target.
- On Friday, Supreme Court Justice Clarence Thomas swore in Kevin Warsh as the 17th Federal Reserve Chair during a White House ceremony, succeeding Jerome Powell.
- The White House ceremony marks the first such event since Republican President Ronald Reagan swore in Alan Greenspan in 1987. President Donald Trump, who exerted pressure on Powell to reduce rates, insisted Warsh remain "totally independent."
- Warsh faces inflation above the Fed's 2% target for more than five years, worsened by the Iran war pushing energy prices higher. He promised a "reform-oriented" approach, including a "regime change" to reduce the Fed's balance sheet, currently about $6.7 trillion.
- White House economic advisor Kevin Hassett said he hoped Powell would soon "step aside," even as the former chair plans to remain on the board. Critics worry the Fed may struggle to set rates free from political pressure.
- Warsh insisted at his confirmation hearing that he would "absolutely not" be a puppet for Trump. The president urged him to let the economy "boom," expressing faith that Warsh would prioritize growth while managing inflation.
310 Articles
310 Articles
Warsh takes Fed's helm as inflation climbs, consumer sentiment dives
WASHINGTON — Kevin Warsh was sworn in as chair of the Federal Reserve on May 22 at a pivotal moment for an economy where surging gasoline prices due to the Iran war are pushing up inflation and eroding consumer sentiment,…
The new president of the American central bank, Warsh, has been sworn in.
Sydney Morning Herald
‘Let it boom’: Trump finally gets his Fed pick, with uncharacteristic fanfare
Kevin Warsh is a Harvard-educated lawyer and former investment banker who has served on the Federal Reserve’s board before. But with higher inflation, rising consumer anxiety and rate expectations, will he be a hawk or a hack?
U.S. President Donald Trump stressed that he wants Kevin Warsh to run the Federal Reserve (Fed) independently, in an attempt to minimize investors’ concern that he would put pressure on the new head of the central bank on political decisions. Warsh, who has promised the biggest restructuring in decades in the U.S. central bank, swore his position this Friday at a ceremony at the White House as the seventeenth president of the Federal Reserve. “I…
‘We have some debt we’d like to take care of’: Powell out, Warsh in as new Federal Reserve chair
Source link Kevin Warsh (The Center Square) – Kevin Warsh, an economist and former member of the Federal Reserve Board of Governors, is now chair of the central bank, replacing longtime chair, Jerome Powell. Warsh was sworn in at the White House Friday with a large crowd in attendance after completing the confirmation process. “I expect he
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