Trump to Preside Over Warsh's Fed Chair Oath Ceremony at White House on Friday

Deep News07:25

The U.S. government announced Thursday that President Donald Trump will preside over the swearing-in ceremony for Federal Reserve Chairman Kevin Warsh at the White House on Friday. The Senate confirmed Warsh's nomination on May 13th, and he will succeed Jerome Powell as Fed Chair. However, Powell will continue to serve as a member of the Federal Reserve Board of Governors until 2028. The 56-year-old Warsh will begin a four-year term as Fed Chair and a 14-year term as a Fed Governor. Trump has selected him as a bulwark against further interest rate hikes. Warsh has long expressed a desire to lower interest rates while simultaneously reducing the Fed's balance sheet. Currently, some Fed policymakers are considering raising rates to curb inflation spurred by the conflict in Iran. According to meeting minutes released Wednesday, during the April 28-29 session, most Fed policymakers believed that if inflation persists above the 2% target, "some policy tightening may become appropriate."

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