Overview
- Warsh was sworn in at the White House on May 22, 2026, with Supreme Court Justice Clarence Thomas administering the oath.
- The Senate confirmed him by a narrow 54–45 vote on May 13, 2026, and the Federal Open Market Committee then unanimously selected him chair in a pro forma vote.
- Warsh has pledged to protect the Fed's independence while proposing a 'regime change' that would trim the Fed's roughly $6.7 trillion balance sheet and reduce forward guidance in favor of traditional rate policy.
- Financial markets quickly shifted to rule out any 2026 rate cuts and to price higher odds of increases later in the year, with CME FedWatch showing about a 70% chance of a December hike.
- Warsh faces his first real test at the June 16–17 FOMC meeting when he must build consensus among governors, respond to rising inflation and energy shocks, and finalize divestiture of disclosed crypto and financial holdings that drew scrutiny during confirmation.