Kevin Warsh Takes Office as New Fed Chair…Trump "Hopes He Works Independently"

Kevin Warsh Takes Office as New Fed Chair…Trump "Hopes He Works Independently"

4-year term…Trump, who pressured former Chair Powell for interest rate cuts, attention on whether he will guarantee the Fed's independence

Kevin Warsh, the new chairman of the U.S. Federal Reserve (Fed), took office on the 22nd (local time).

Chairman Warsh held his inauguration oath ceremony at the White House today, presided over by U.S. President Donald Trump.

President Trump said at the oath ceremony today, "I hope Chairman Warsh is independent," and "He will restore confidence in the Fed."

This is in contrast to how he pressured Warsh's predecessor, Jerome Powell, for interest rate cuts, not shying away from using insulting language against him.

Chairman Warsh's term is 4 years. He will preside over his first Federal Open Market Committee (FOMC) meeting on the 16th-17th of next month, which determines the U.S. benchmark interest rate.

During his Senate confirmation hearing, Chairman Warsh emphasized the independence of the Fed, stating that he would determine monetary policy based on the Fed's own judgment rather than the president's demands.