Overview
- Kevin Warsh took over as Federal Reserve chair on Friday after winning Senate confirmation 54–45 on May 13.
- He has said he will defend the Fed’s independence despite President Donald Trump’s push for faster interest rate cuts.
- He inherits a split rate-setting committee after an 8–4 vote on April 29, the biggest dissent since 1992.
- U.S. inflation is running above the Fed’s 2% goal, and analysts link part of the recent pressure to the war in the Middle East.
- The Fed’s key rate stands at 3.50% to 3.75%, which shapes borrowing costs for mortgages, credit cards, and business loans.