The US Senate confirmed Kevin Warsh as Federal Reserve Chair in a 54-45 vote. The margin was the narrowest ever recorded for a Fed chair.
Pennsylvania Senator John Fetterman was the only Democrat to vote in favor. Warsh inherits a central bank under direct pressure from President Donald Trump to cut interest rates.
Kevin Warsh Officially Confirmed to Lead the Federal Reserve
Lawmakers first signed off on Warsh’s 14-year term as a Federal Reserve governor, clearing the way for the subsequent vote that handed him a concurrent four-year stint as chair.
He still needs to be sworn into both roles, which is pending the White House’s final signatures on the paperwork forwarded by the Senate.
Warsh takes over from Jerome Powell, whom Trump has repeatedly criticized for not lowering interest rates, mocking him with the nickname “Too Late.” Powell’s run as chair wraps up Friday.
Warsh previously served on the central bank’s Board of Governors between 2006 and 2011. He chairs his first Federal Open Market Committee (FOMC) meeting on June 16 and 17. During his confirmation hearing, Warsh said he was committed to keeping monetary policy “strictly independent.”
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The new Fed Chair takes over a central bank boxed in by hot data. Headline US CPI rose 3.8% year over year in April, the highest reading since May 2023. Producer prices, measured by the PPI, climbed 6%.
The numbers have prompted Wall Street to revise its outlooks. Goldman Sachs pushed its first rate cut forecast back to December 2026, citing sticky inflation.
Pimco went further, flagging the possibility of a rate hike. Warsh’s June FOMC vote will signal whether he leans toward Trump’s preference for cuts or holds the line on inflation.
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The post Trump’s Pick Kevin Warsh Confirmed as Fed Chair After Tight Senate Vote appeared first on BeInCrypto.
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