Kevin Warsh will be sworn in as chair of the U.S. Federal Reserve on Friday as policymakers consider higher interest rates to tackle inflation linked to the Trump administration’s Iran policy.
U.S. President Donald Trump will swear in Kevin Warsh as chair of the Federal Reserve at the White House on Friday, the Trump administration said on Thursday (21 May).
Warsh was confirmed to the role in a near party-line vote on 13 May. He succeeds Jerome Powell as chair of the central bank, although Powell’s separate term as a Fed governor runs until January 2028.
Warsh, 56, will serve a four-year term as chair and a 14-year term as a Fed governor. Trump selected him as a counterweight to further interest rate rises, while Warsh has long supported lower rates and reducing the Fed’s balance sheet.
Warsh will take office as fellow governors consider raising rates to curb inflation driven by Trump’s war on Iran. A majority of Fed policymakers at their 28–29 April meeting believed that some further policy tightening would likely become appropriate if inflation remained persistently above the central bank’s 2 per cent target, according to minutes released on Wednesday (20 May).
The incoming chair was previously passed over for the role in 2017 during Trump’s first term. He served as a Fed governor from 2006 to 2011 and was the youngest member of the board at 35 when he was first appointed during the George W. Bush administration.
Warsh is likely to face intense scrutiny as he takes charge of the central bank. Trump repeatedly clashed with Powell over interest rates, calling him “Too Late” and referring to him as a “jerk”.
The Trump administration has openly suggested that the Fed should be less independent from the White House and align monetary policy more closely with the administration’s fiscal agenda. During confirmation hearings, Warsh embraced many of the same policies as Trump officials but said he would maintain the central bank’s independence.
Fed Governor Stephen Miran will leave his position on the board on or shortly before Warsh is sworn in. Miran had taken a leave of absence as chair of Trump’s White House Council of Economic Advisers to fill a vacancy at the central bank.
Miran remained in the role longer than expected while prosecutors investigated Powell and the Fed over the cost of renovating the central bank’s Washington, D.C., headquarters. Prosecutors dropped the inquiry in April, and Republican Senator Thom Tillis lifted his hold on Warsh’s nomination after previously delaying it in protest.
U.S. efforts to squeeze Iran’s economy through an oil blockade and sanctions are becoming increasingly difficult for Tehran to withstand, acc...
U.S. negotiators Steve Witkoff and Jared Kushner will visit Russia then Ukraine over the weekend, Russian state news agency TASS has reported, citi...
The 83rd Venice Film Festival has opened on the Lido, bringing Hollywood stars and leading filmmakers together for a programme dominated by war, po...
Russian President Vladimir Putin has said that he thinks there is a chance of a peace being reached with Ukraine. He told the Eastern Economic Forum in Vladivostok, Russia that he believed there was "a chance of finding a solution," to the conflict.
The Iranian Health Ministry said at least 18 people were killed and 142 others injured in U.S. airstrikes carried out between 30 August and 2 September.
Start your day informed with the AnewZ Morning Brief. Here are the top stories for the 3rd of September, covering the latest developments.
U.S. negotiators Steve Witkoff and Jared Kushner will visit Russia then Ukraine over the weekend, Russian state news agency TASS has reported, citing an unnamed source. Ukrainian President Volodymyr Zelenskyy has also said American envoys will visit the capitals of both countries.
Thousands of residents of Spain’s North African enclave of Ceuta took to the streets on Wednesday to protest the government’s handling of a migration crisis that followed a deadly border surge in July.
Volkswagen’s supervisory board has approved a major overhaul aimed at cutting 100,000 jobs by 2030 as the German carmaker battles weaker sales, falling profits and intensifying global competition.
Chinese Premier Li Qiang has called on American companies to expand their presence in China and pledged that Beijing would address their "reasonable concerns," as China looks to stabilise trade ties with Washington ahead of President Xi Jinping's planned visit to the U.S. later this month
Apple is entering a new era as Tim Cook steps down as chief executive after 15 years at the helm, handing the technology giant's leadership to longtime executive John Ternus.
Volkswagen is heading towards a decisive showdown with labour representatives as Germany's largest carmaker weighs sweeping restructuring measures that could lead to factory closures and tens of thousands of job losses.
Online fast-fashion retailer Shein is seeking to raise up to $1.77 billion in a Hong Kong IPO after its valuation fell around 70 per cent from its private-market peak four years ago.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment