Fed Chair Kevin Warsh Will Face 2 Key Tests in His First 100 Days -- Trump and Inflation -- and He's Virtually Certain to Fail One of Them
Written by Sean Williams for The Motley Fool -> Donald Trump's handpicked successor to Fed Chair Jerome Powell, Kevin Warsh, was officially sworn in on May 22. Although the Federal Reserve acts independent of political pressure, this hasn't stopped President Trump from repeated
Donald Trump's handpicked successor to Fed Chair Jerome Powell, Kevin Warsh, was officially sworn in on May 22.
Although the Federal Reserve acts independent of political pressure, this hasn't stopped President Trump from repeatedly calling on the Federal Open Market Committee (FOMC) to slash interest rates.
A historic energy supply shock caused by the Iran war has driven U.S. inflation to a three-year high, leaving the new Fed chair in quite a predicament.
History is being made at a breathtaking pace on Wall Street over the last few weeks. In addition to watching the ageless Dow Jones Industrial Average (DJINDICES: ^DJI) , benchmark S&P 500 (SNPINDEX: ^GSPC) , and technology-driven Nasdaq Composite (NASDAQINDEX: ^IXIC) all soar to record highs, investors witnessed a rare shift at the Federal Reserve.
May 15 marked the final day of Jerome Powell's second term as Fed chair. Given the public feud between President Donald Trump and Powell over interest rates , it became clear a while ago that a third term wasn't in the cards for the now-former Fed chair.
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Kevin Warsh was officially sworn in as Fed chair on May 22. Image source: Official White House Photo by Daniel Torok.
On May 22, Trump's handpicked successor to Powell, Kevin Warsh, was officially sworn in. Warsh previously served on the Board of Governors and was a voting member of the Federal Open Market Committee (FOMC) from Feb. 24, 2006, to March 31, 2011. The FOMC is the 12-person body responsible for setting the nation's monetary policy.
