Overview
- The Fed’s Board named Jerome Powell chair pro tempore on Friday to lead until Kevin Warsh completes ethics steps and is sworn in.
- Warsh was confirmed by the Senate on May 13 in a 54–45 vote, setting up his first policy meeting on June 16–17.
- Fed Governor Stephen Miran submitted his resignation effective upon Warsh’s swearing‑in, and he and Vice Chair for Supervision Michelle Bowman objected to Powell’s interim role lacking a fixed end date.
- Powell will remain a voting governor through 2028, creating an unusual overlap as the former chair shares the Board with his successor.
- Warsh inherits high inflation near 3.8%, higher oil costs tied to the Iran conflict, and rising Treasury yields, putting focus on whether he can build consensus, manage the Fed’s $6–7 trillion bond holdings, and protect the central bank’s independence under political pressure.