Overview
- Warsh, who assumed the chair Friday, said he will protect the Fed’s independence despite public pressure from President Trump.
- The Senate approved his nomination 54–45 on May 13 after a tense confirmation fight that highlighted political divisions.
- Jerome Powell ended his eight-year tenure as chair and will remain a Fed governor, with the option to serve through January 2028 as internal reviews continue.
- Inflation has reaccelerated as energy costs tied to the Middle East conflict push up prices, and recent data show services prices outpacing wage gains.
- A split policy vote of 8–4 at the April 29 meeting signaled an unusually divided committee, and Warsh’s first rate decision comes at the June 16–17 meeting.