Trump's Fed Pick Won't Be A Yes-Man On Rates: Warsh's Remarks Draw A Red Line On Independence

Benzinga_recent_news04:33

President Donald Trump picked Kevin Warsh to deliver the rate cuts the White House has been demanding for more than a year. But the incoming Federal Reserve chairman is arriving in Washington with a ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2629177674?lang=en_US&edition=fundamental","thumbnail":"https://cdn.benzinga.com/files/images/story/2026/04/20/Washington--January-30-2025-President-Do.jpeg?optimize=medium&dpr=2&auto=webp&width=240","is_english":true,"pubTime":"2026-04-21 04:33","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2629177674","market":"us","top_or_hot":-1,"title":"Trump's Fed Pick Won't Be A Yes-Man On Rates: Warsh's Remarks Draw A Red Line On Independence","media":"Benzinga_recent_news","content":"<div>\n<p>President Donald Trump picked Kevin Warsh to deliver the rate cuts the White House has been demanding for more than a year. \nBut the incoming Federal Reserve chairman is arriving in Washington with a ...</p>\n\n<a href=\"https://www.benzinga.com/news/politics/26/04/51926900/trump-picked-warsh-cut-rates-fed-last-word-inflation-independence\">Source Link</a>\n\n</div>\n","source":"benzinga_recent_news","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Trump's Fed Pick Won't Be A Yes-Man On Rates: Warsh's Remarks Draw A Red Line On Independence</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTrump's Fed Pick Won't Be A Yes-Man On Rates: Warsh's Remarks Draw A Red Line On Independence\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-04-21 04:33 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/news/politics/26/04/51926900/trump-picked-warsh-cut-rates-fed-last-word-inflation-independence><strong>Benzinga_recent_news</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>President Donald Trump picked Kevin Warsh to deliver the rate cuts the White House has been demanding for more than a year. \nBut the incoming Federal Reserve chairman is arriving in Washington with a ...</p>\n\n<a href=\"https://www.benzinga.com/news/politics/26/04/51926900/trump-picked-warsh-cut-rates-fed-last-word-inflation-independence\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"UBT","symbol_name":"债券20+美国债-ProShares两倍做多","start_time":0,"source_url":"https://www.benzinga.com/news/politics/26/04/51926900/trump-picked-warsh-cut-rates-fed-last-word-inflation-independence","article_id":"2629177674","we_media_id":null,"thumbnails":["https://cdn.benzinga.com/files/images/story/2026/04/20/Washington--January-30-2025-President-Do.jpeg?optimize=medium&dpr=2&auto=webp&width=240"],"rights":{"source":"benzinga_recent_news","url":"https://www.benzinga.com/news/politics/26/04/51926900/trump-picked-warsh-cut-rates-fed-last-word-inflation-independence","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2629177674","pubTimestamp":1776717180,"columns":[],"sourceInfo":{"source_id":"benzinga_recent_news","name":"Benzinga"},"weMediaInfo":null,"summary":"Kevin Warsh's Senate opening statement refuses the rate cuts Trump demands, framing inflation as a choice and Fed independence as the central pitch.","collect":0,"end_time":0,"defaultTopTitle":"benzinga.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"UBT":"债券20+美国债-ProShares两倍做多","UUP":"美元ETF-PowerShares DB","TBT":"债券20+美国债指数ETF-ProShares两倍做空","EDV":"美国延期国债ETF-Vanguard","GOVT":"iShares安硕核心美国国债ETF","PBDC":"Putnam Bdc Income ETF","BOND":"Pimco Total Return ETF","SKRE":"TUTTLE CAPITAL DAILY 2X INVERSE REGIONAL BANKS ETF","FAZ":"三倍做空金融ETF-Direxion","KBWB":"银行ETF-PowerShares","LQD":"债券指数ETF-iShares iBoxx投资级公司债","AGG":"债券指数ETF-iShares Barclays综合国债","VGLT":"美国长期国债ETF-Vanguard","TMF":"3倍做多20年期以上国债ETF-Direxion","TLTW":"iShares 20+ Year Treasury Bond Buywrite Strategy ETF","UDN":"做空美元指数-PowerShares","SCHO":"嘉信短期美国国债ETF","GOLY":"Strategy Shares Gold Enhanced Yield ETF","GBIL":"Goldman Sachs Access Treasury 0-1 Year ETF","BSV":"短期国债指数ETF-Vanguard","JPST":"JPMorgan Ultra-Short Income ETF","BND":"债券指数ETF-Vanguard美国","TLH":"iShares安硕10-20年国债ETF","MUB":"美国市政债ETF-iShares","MINT":"PIMCO Enhanced Short Maturity Exchange-Traded Fund","TLT":"20+年以上美国国债ETF-iShares","VFH":"Vanguard Financials ETF","KRX":"KBW区域银行业指数","TBIL":"US Treasury 3 Month Bill ETF","SHV":"美国短期国债ETF-iShares","HYG":"债券指数ETF-iShares iBoxx高收益公司债","USHY":"iShares Broad USD High Yield Corporate Bond ETF","NGHT":"Nicholas Bitcoin and Treasuries AfterDark ETF","BOXX":"ALPHA ARCHITECT 1-3 MONTH BOX ETF","VCSH":"美国短期公司债-Vanguard","DPST":"Direxion每日三倍做多区域银行股ETF","IEI":"iShares Barclays 3-7 Year Trea","TYO":"3倍做空7-10年期国债ETF-Direxion","SHY":"债券指数ETF-iShares Barclays 1-3年国债","VGSH":"美国短期国债ETF-Vanguard","KBE":"银行指数ETF-SPDR KBW","VCIT":"美国中期公司债-Vanguard","ZROZ":"PIMCO 25+ Year Zero Coupon U.S","BIL":"债券指数ETF-SPDR Barclays美国1-3月国债","TIP":"通胀债券指数ETF-iShares Barclays","VGIT":"中期国债ETF-Vanguard"},"translate_title":"特朗普选择的美联储不会在利率问题上唯唯诺诺：沃什的言论为独立性划定了红线","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"USHY":1.5,"SHV":1.5,"TMF":1.5,"VGLT":1.5,"BND":1.5,"TBT":1.5,"GOLY":1.5,"FAZ":1.5,"BIL":1.5,"HYG":1.5,"ZFmain":0.6,"DPST":0.6,"TIP":1.5,"TYO":1.5,"BOXX":1.5,"UBmain":0.6,"KRX":0.6,"TLTW":1.5,"GBIL":1.5,"BSV":1.5,"UBT":1.5,"UUP":1.5,"VGSH":1.5,"EDV":1.5,"BOND":1.5,"TBIL":1.5,"IEI":1.5,"VGIT":1.5,"NGHT":1.5,"JPST":1.5,"GOVT":1.5,"TNmain":0.6,"KBWB":0.6,"ZTmain":0.6,"LQD":1.5,"MINT":1.5,"PBDC":1.5,"SHY":1.5,"AGG":1.5,"SKRE":1.5,"MUB":1.5,"TLT":0.6,"UDN":1.5,"VCIT":1.5,"VCSH":1.5,"ZROZ":1.5,"KBE":1.5,"VFH":0.6,"TLH":1.5,"SCHO":1.5},"content_text":"President Donald Trump picked Kevin Warsh to deliver the rate cuts the White House has been demanding for more than a year. \nBut the incoming Federal Reserve chairman is arriving in Washington with a different product.\nWarsh’s opening statement for Tuesday’s confirmation hearing before the Senate Banking Committee refuses to commit to any. In its place, he offers two pitches the White House did not order: a Fed that owns inflation, and a Fed that answers to no one on monetary policy.\n“Inflation is a choice, and the Fed must take responsibility for it,” Warsh said in the prepared remarks.\n“Let me be clear: monetary policy independence is essential,” he added.\nMarch Consumer Price Index (CPU) rose 0.9% month over month, the fastest print since June 2022, lifting the annual inflation rate to 3.3% — the highest in nearly two years. \nCore CPI edged up to 2.6%. Consumer sentiment plunged to a record low in April, with year-ahead inflation expectations spiking.\nThe backdrop is the Iran war’s oil shock. WTI sits above $85 with the Strait of Hormuz still only partially reopened. Fed funds futures price essentially no chance of a cut at the April 28-29 meeting and roughly even odds of one move before year-end. \nBefore the war, markets had priced two or more cuts for 2026.\nWarsh walks into that data saying inflation is a choice. The implication investors are parsing is cleaner than any dot plot: the Fed either tolerates 3%-plus inflation as a cost of supporting growth, or it does not. \nWarsh is telling the Senate that the second answer is the only legitimate one.\n“Low inflation is the Fed's plot armor, its vital protection against slings and arrows. So, when inflation surges—as it has done in recent years—grievous harm is done to our citizens, especially to the least well-off. They lose purchasing power. Their standard of living falls,” Warsh said in his opening statement.\nIt is the kind of language a chair uses to justify keeping rates on hold rather than cutting them.\nWarsh draws a distinction the White House may not love. \nHe separates operational monetary policy — where Fed independence is, in his words, “at its peak” — from everything else the central bank does.\n“Simply stated, Fed independence is largely up to the Fed,” he said.\n“I do not believe the operational independence of monetary policy is particularly threatened when elected officials — presidents, senators, or members of the House — state their views on interest rates,” he added.\nThe line concedes Trump the right to say what he wants. It reserves the right for the Fed to ignore him.\nTrump has publicly demanded rate cuts of a full percentage point, at times two. \nWarsh’s statement never mentions the president by name. What it does mention is the institutional risk of crossing political lines — and the risk of being crossed by them.\n“No doubt there are times when a Fed chief might wish that he or she had the last word, but our republic doesn’t work that way,” Warsh said.\n“To the President, Congress, and the nation, I owe my best judgment and most faithful efforts in serving the mission Congress assigned to the Fed, including price stability and full employment,” he added.\nAt the same time, Warsh draws a red line against Fed overreach. \nThe message runs in both directions. It tells Congress the Fed will not stray into climate or social policy. It tells the White House the monetary policy lane is not open to outside traffic.\n“The Fed must stay in its lane. Fed independence is placed at greatest risk when it strays into fiscal and social policies where it has neither authority nor expertise,” Warsh said.\nSen. Thom Tillis, R-N.C., has vowed to block the nomination from leaving the committee until the DOJ investigation into Chair Jerome Powell is resolved. Powell’s term expires May 15. \nPolymarket puts Warsh’s confirmation at 94%, but the odds of him being seated before Powell’s term ends are just 35%.\nOn the rate front, the cut trade has been unwinding for weeks. \n“Zero cuts” in 2026 has broken away from the pack in April, sitting roughly six points above “one cut.” As recently as March, “two cuts” was still the dominant outcome. \nThe market is no longer pricing Warsh as a guaranteed dove.\nThe first cut has been steadily pushed later in the calendar. The July meeting odds collapsed by 34 points in a month. Even December, the most likely month, is down 18 points.\nThe market has essentially closed the question on whether 2026 inflation stays above 3.5% — 86% implied, up six points this month. \nThat is the data point Warsh walks into on Tuesday, and the reason his “inflation is a choice” framing lands with teeth.\nImage: Shutterstock\nTo add Benzinga News as your preferred source on Google, click here.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.0","shortVersion":"4.42.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2629177674","isCrawlerRequest":true}