Kevin Warsh was sworn in on Friday as chair of the U.S. Federal Reserve at a White House ceremony that underscored the Trump administration’s push for lower interest rates and renewed questions over central bank independence.
Supreme Court Justice Clarence Thomas administered the oath, with President Donald Trump presiding over the event in the East Room, according to the Associated Press.
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CONFIRMED: Kevin Warsh is the new Fed Chair.
He inherits the most challenging bond market environment in decades.
Yields elevated, inflation sticky, and a White House openly pushing for cuts.
Welcome to the chair, Kevin.
Show us what you’ve got. pic.twitter.com/sCIwuXiuRX— Crypto Rover (@cryptorover) May 23, 2026
Inflation lurks while petrol prices bite
Trump used the ceremony to repeat his preference for a more accommodative monetary stance, while also saying the central bank should remain independent.
“I want Kevin to be totally independent,” Trump said, adding that he wanted Warsh to “do a great job.” Trump also said, “We’re going to get the rates down,” later on Friday in New York.
.@POTUS on incoming Fed Chair Kevin Warsh: “I want Kevin to be totally independent. I want him to be independent and just do a great job. Don’t look at me; don’t look at anybody. Just do your own thing — and do a great job.” pic.twitter.com/v4GVXrmIO3
— Rapid Response 47 (@RapidResponse47) May 22, 2026
The new captain inherits choppy monetary seas
Warsh, 56, was confirmed by the Senate on May 13 in a largely party-line vote and will serve a four-year term as chair and a 14-year term as a Fed governor.
He had previously served on the central bank’s board from 2006 to 2011 and was the youngest member of the board when first appointed during the George W. Bush administration.
The Federal Open Market Committee unanimously selected him as its chairman, putting him in charge of the rate-setting panel.
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Promises of reform
The new chair takes office as policymakers face a difficult policy backdrop. The surging gasoline prices linked to the Iran war are adding to inflation pressure, while consumer sentiment has weakened.
Warsh has long argued for lower rates and a smaller Fed balance sheet. At the ceremony, Warsh said he would lead “a reform oriented Federal Reserve,” while arguing that the Fed’s mandate could deliver lower inflation, stronger growth and higher real take-home pay if carried out with “wisdom and clarity.”
