Kevin Warsh sworn in as new US Fed chair
Summary
Kevin Warsh has become the new chair of the United States Federal Reserve Board of Governors, replacing Jerome Powell. Warsh was confirmed after a divided Senate vote and takes charge as the U.S. faces rising inflation and pressure to cut interest rates from President Donald Trump.Key Facts
- Kevin Warsh, age 56, was sworn in as chair of the U.S. Federal Reserve on Friday.
- The Senate voted largely along party lines to confirm Warsh, with only one Democrat breaking ranks.
- President Donald Trump urged Warsh to be independent and do his job without political influence.
- Inflation in the U.S. is rising, with consumer prices increasing 3.8% in the past year.
- Energy prices have risen sharply by 17.9% in the last year, making gasoline more expensive.
- Warsh’s first policy meeting as chair is scheduled for June 16-17.
- Analysts predict the Federal Reserve will likely keep interest rates steady until at least mid-2027.
- The Federal Reserve has noted risks that inflation could stay higher for longer due to recent global conflicts and economic factors.
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