According to sources familiar with the matter, US President Donald Trump has been regularly communicating with Federal Reserve Chairman Kevin Warsh by phone since he took office, marking the latest sign of Trump's efforts to exert greater influence over the central bank. The individuals, who requested anonymity due to discussing private conversations, stated that the two have spoken multiple times since Warsh's Senate confirmation in May, with Trump inquiring about Warsh's economic forecasts and views but without pushing for any specific policy actions. One source noted the calls are not scheduled regularly, while another described them as infrequent. It remains unclear whether monetary policy has been discussed during these conversations.
White House spokesperson Kush Desai said in an emailed statement: "President Trump has consistently emphasized that he gives Chairman Warsh the space needed to restore confidence and capability in the Fed's decision-making. While the President, as a US citizen, enjoys First Amendment rights and, as Commander-in-Chief, has the duty to express his views on the Fed, he has also repeatedly reaffirmed his support for Chairman Warsh and the Fed's independence." Although the specific content of the calls remains unclear, Trump has long called for significant interest rate cuts by the Fed. While past presidents have occasionally communicated and met with Fed chairs, such interactions are extremely rare, and Trump's push to influence monetary policy is considered the most assertive intervention in central bank decision-making in decades.
Trump typically downplays inflation concerns when urging lower borrowing costs, but his tone has softened since Warsh took office. Warsh testified before lawmakers last month, stating that Trump has not attempted to interfere with central bank decisions, but he avoided directly answering questions about whether he had communicated with Trump since becoming Fed chair. "I don't want to publicly share the details of discussions between the President and myself," Warsh said during a July 15 Senate Banking Committee hearing, while vowing to be "an independent person." He added, "I certainly wouldn't feel uncomfortable receiving a call from the chairman of this committee or the President of the United States." Previously, Fed chairs have issued press releases after meetings with the president. For example, in May 2025, then-Chair Jerome Powell released a statement informing the public of his meeting with Trump and stating that monetary policy outlooks were not discussed. Warsh, however, follows the long-standing practice of regular meetings between Treasury secretaries and Fed chairs, meeting periodically with Treasury Secretary Scott Bessent.
Trump has repeatedly criticized Powell's (who remains a Fed governor) interest rate decisions, and the administration has also investigated Powell regarding the renovation project at the central bank's headquarters. Trump previously attempted to fire Governor Lisa Cook without success, and is reportedly considering similar action against Governor Michael Barr. However, President Trump's public stance toward Warsh is markedly different. At Warsh's swearing-in ceremony, Trump expressed his desire for the Fed chair to be "completely independent." "Don't look at me, don't look at anyone else, do your own job and do it well," Trump said at the ceremony. Trump has often accused Powell of being "too late" in cutting rates. But after Warsh held rates steady, the president did not blame him, instead attributing the outcome to what he called a "very political" Fed board. Trump's cumulative pressure campaign continues to blur the boundary between the central bank and the executive branch, potentially eroding its independence. This also adds a new consideration for Warsh as the Fed tries to navigate the impact of Trump's war against Iran and energy price volatility, Trump's unpredictable tariff policies, persistent inflationary pressures, and the massive US budget deficit.
Reports from foreign media about Trump's calls with Warsh indicated that Trump sought Warsh's views on a range of topics, including the economic impact of the war against Iran and the rise of artificial intelligence. The reports noted that Warsh often paints a positive economic picture for Trump, but whether the two have discussed monetary policy remains unknown.
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