Kevin Warsh sworn in as Fed chair amid rising inflation

Kevin Warsh was sworn in as the new Federal Reserve Chair on Friday at the White House.

Nominated for the role by President Donald Trump in January, the Senate confirmed him last week in a 54-45 vote.

Warsh replaces Jerome Powell, whose term expired this month. However, Powell will remain on the Fed Board of Governors until his term ends in January 2028.

Speaking at the ceremony, Warsh said he won’t be a “shadow Fed chair.” Meanwhile, President Trump emphasized the Fed’s independence and his belief that the new head will safeguard integrity. He also said the US economy is booming and that policymakers should let it continue.

Warsh, 56, takes leadership amid rising inflation fueled by an energy price shock from the Iran war. At the April meeting, Fed officials were seriously considering raising interest rates again.