Trump wants new Fed chair to be 'totally independent'
Summary
President Donald Trump asked the new Federal Reserve Chair, Kevin Warsh, to act independently and make decisions without outside influence. Trump criticized the previous chair, Jerome Powell, and wants Warsh to focus on growing the economy and avoid unrelated issues like climate change or diversity.Key Facts
- President Trump chose Kevin Warsh as the new Federal Reserve Chair.
- Trump wants Warsh to be "totally independent" and ignore outside opinions.
- Trump has publicly disagreed with the previous Fed Chair, Jerome Powell.
- The White House hosted Warsh’s swearing-in, the first time since 1987 for a Fed chair.
- Warsh had supported cutting interest rates to boost economic growth before his appointment.
- The Federal Reserve has kept interest rates between 3.5% and 3.75% and may hold or increase them until 2026.
- Trump criticized the Fed for focusing on issues like climate change and diversity instead of core goals like low inflation and full employment.
- Warsh plans to lead a "reform-oriented" Fed and aims to raise living standards for all Americans.
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