Trump's Fed chair pick Kevin Warsh confirmed by US Senate
Summary
Kevin Warsh was confirmed by the US Senate to become the new Federal Reserve chair, replacing Jerome Powell. The vote was close and mostly divided by party, with Warsh facing pressure from President Trump to lower interest rates amid rising inflation and economic challenges.Key Facts
- Kevin Warsh was confirmed as Federal Reserve chair in a Senate vote of 54 to 45.
- Only one Democrat, Senator John Fetterman, voted to confirm Warsh.
- Warsh replaces Jerome Powell, whose term ends this Friday.
- Warsh has previously served as a Fed governor from 2006 to 2011.
- Inflation in the US rose to 3.8% in April, driven mainly by higher energy prices due to the conflict involving Iran.
- President Trump wants Warsh to lower interest rates to support the economy despite rising inflation.
- Warsh promised during his confirmation hearing to keep the Fed independent from political pressure.
- The confirmation vote was the closest for a Fed chair since 1977 and highlights the political divisions in the Senate.
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