Overview
- Kevin Warsh formally took the oath as Fed chair at the White House on Friday, May 22, 2026, in the first such ceremony there since 1987.
- President Donald Trump publicly urged Warsh to be “totally independent” while continuing to press for interest-rate cuts, creating immediate scrutiny of the new chair's political distance.
- Warsh said he will pursue a reform-oriented agenda that prioritizes price stability, maximum employment, clear performance standards, and institutional integrity.
- Jerome Powell remains a voting member of the Federal Reserve Board and the Fed's June 16–17 meeting is widely seen as the first clear test of how Warsh will steer policy and how the board will vote.
- High inflation readings, rising long-term yields, and price pressure from the Middle East conflict are tightening the Fed’s policy room and could raise borrowing costs for households and the government.