Kevin Warsh was sworn in as the new Federal Reserve chair on May 22, 2026, at the White House. - He succeeds Jerome Powell, who served for eight years and remains on the board.
- President Trump publicly urged Warsh to act independently, despite previous calls for rate cuts. - Inflation is at a three-year high of 4.3%, and consumer sentiment has hit an all-time low.
- The Fed's next rate decision is in mid-June, with rates expected to remain unchanged. The new chair faces intense scrutiny over the Fed's independence amid economic pressures from the Iran war and rising inflation expectations.