The US Federal Reserve held interest rates steady on Wednesday, in line with market expectations, just days before midterm elections in which rising inflation has emerged as a key issue. The 12-member Federal Open Market Committee (FOMC) voted 10-2 to maintain the target interest rate range at 3.75 to 4 per cent. The decision followed the central bank's first rate hike in three years at its previous meeting in September, with policymakers citing the need for more data to assess inflation.&nbsp;"The accumulation of more information will help the Committee determine the policy stance appropriate to ensure a timely return of inflation to the Committee's two percent goal," the Fed said in a statement announcing its decision. Two committee members, Governor Lisa Cook and Cleveland Fed President Beth Hammack, dissented and called for an immediate rate increase of 0.25 percentage points. The central bank has remained above its long-term inflation target of two percent for more than five years, putting sustained pressure on households and businesses through continued price increases.&nbsp;US President Donald Trump's war on Iran, launched in late February, has sent energy prices soaring and added to domestic inflationary pressures, alongside his wide-ranging tariff policies. Prices have also been driven by an investment boom in artificial intelligence (AI) technology and the construction of large data centres to support it. The Fed's decision came six days before the November 3 midterm elections, in which Democrats are seeking to wrest control of both chambers of Congress from Trump's Republicans.&nbsp;Trump's handling of the economy has been a central campaign issue, as working-class households across the country struggle to meet expenses despite largely stable overall economic growth. US consumer inflation rose more than expected in September, reaching 3.7 per cent and moving closer to a three-year high recorded in May. However, key Fed policymakers, including Warsh, have indicated that they do not see an urgent need for another immediate rate hike.&nbsp;Also Read: <a href="https://www.wionews.com/world/iran-in-talks-with-mediators-on-7-day-plan-araghchi-says-tehran-giving-diplomacy-a-chance-1793213071419">Iran in talks with mediators on 7-day plan; Araghchi says Tehran giving diplomacy a chance</a><h3>Warsh says inflation remains too high</h3>US Federal Reserve Chairman Kevin Warsh said that inflation remained too high as American households faced rising gasoline costs ahead of the midterm elections. "Inflation is too high," Warsh told reporters. He also said the Fed would reduce the number of its rate-setting meetings by one next year.<h3>Fed chair says politics played no role in decision</h3>Warsh stressed that political considerations were not discussed during the central bank's policy meeting, which took place just days before the crucial midterm elections. "Politics played no role in the decision," Warsh told a press conference after the independent Fed decided to hold interest rates steady. “I didn't hear a reference to politics, elections, what's happening in the next week or so.”

The US Federal Reserve keeps interest rates at 3.75%-4% ahead of midterm elections as inflation persists. Fed Chair Kevin Warsh says inflation is too high and politics played no role in the decision

The US Federal Reserve held interest rates steady on Wednesday, in line with market expectations, just days before midterm elections in which rising inflation has emerged as a key issue. The 12-member Federal Open Market Committee (FOMC) voted 10-2 to maintain the target interest rate range at 3.75 to 4 per cent. The decision followed the central bank's first rate hike in three years at its previous meeting in September, with policymakers citing the need for more data to assess inflation. "The accumulation of more information will help the Committee determine the policy stance appropriate to ensure a timely return of inflation to the Committee's two percent goal," the Fed said in a statement announcing its decision. Two committee members, Governor Lisa Cook and Cleveland Fed President Beth Hammack, dissented and called for an immediate rate increase of 0.25 percentage points. The central bank has remained above its long-term inflation target of two percent for more than five years, putting sustained pressure on households and businesses through continued price increases. US President Donald Trump's war on Iran, launched in late February, has sent energy prices soaring and added to domestic inflationary pressures, alongside his wide-ranging tariff policies. Prices have also been driven by an investment boom in artificial intelligence (AI) technology and the construction of large data centres to support it. The Fed's decision came six days before the November 3 midterm elections, in which Democrats are seeking to wrest control of both chambers of Congress from Trump's Republicans. Trump's handling of the economy has been a central campaign issue, as working-class households across the country struggle to meet expenses despite largely stable overall economic growth. US consumer inflation rose more than expected in September, reaching 3.7 per cent and moving closer to a three-year high recorded in May. However, key Fed policymakers, including Warsh, have indicated that they do not see an urgent need for another immediate rate hike. Also Read: Iran in talks with mediators on 7-day plan; Araghchi says Tehran giving diplomacy a chance Warsh says inflation remains too high US Federal Reserve Chairman Kevin Warsh said that inflation remained too high as American households faced rising gasoline costs ahead of the midterm elections. "Inflation is too high," Warsh told reporters. He also said the Fed would reduce the number of its rate-setting meetings by one next year. Fed chair says politics played no role in decision Warsh stressed that political considerations were not discussed during the central bank's policy meeting, which took place just days before the crucial midterm elections. "Politics played no role in the decision," Warsh told a press conference after the independent Fed decided to hold interest rates steady. “I didn't hear a reference to politics, elections, what's happening in the next week or so.”

The US Federal Reserve holds interest rates at 3.75%-4% as inflation remains high, with midterm elections approaching and political scrutiny intensifying

US Federal Reserve keeps rates unchanged as inflation remains high; Warsh says politics 'played no role' in decision

The US Federal Reserve has raised interest rates by 25 basis points on Wednesday, September 16, 2026, for the first time since July 2023, following its unanimous 12-0 vote. The new Fed Chair Kevin Warsh raised the interest rate from 3.75 per cent to 4 per cent, and the impact is likely to be felt beyond the US, from rupee and bond yields to the Indian stock market and FPIs. This comes despite US President Donald Trump urging that the rates are too high, and specifically supporting Warsh to deliver a much-needed rate cut. According to the Fed's Summary of Economic Projections, 16 out of 18 officials project at least one more quarter-point rate hike by the end of 2026.<h2>Why did the Fed hike rates?</h2>On the surface, the explanation provided was inflation. US consumer inflation rose 0.4 per cent in August and 3.4 per cent over the last 12 months, well above the 2 per cent target. The Fed believes that the rate hike should bring inflation back towards its projected goal. The higher interest rates are expected to slow down demand by increasing borrowing costs. It is also likely to raise rate of mortgages, car loans and student loans.Also Read: <a href="https://www.wionews.com/india-news/congress-denies-mps-backed-upi-fee-finance-panel-report-1789653170824">Congress denies MPs backed UPI fee, calls it a 'news plantation economy'</a><h2>Will inflation drop?</h2>Even though the Fed cited inflation as the issue it is not related to a demand problem, but a supply shock. The Iran war has pushed oil prices well above $100 per barrel. Further, the AI build out itself has created massive asset bubbles. A few corporations are circulating capital among themselves, calling it revenue. It is hardly surprising AI CEOs are calling for a slowdown. Some officials described it as a serious concern, an inflation risk, alongside the energy shock. Officials framed the rate hike as trying to keep near-term price shocks from becoming a persistent inflation problem, not as a claim that hiking will bring gas prices down.Officials are also expecting to stop the elevated energy costs from bleeding into broader inflation expectations and wage-price spirals. Core CPI, which excludes food and energy prices, stood at 0.3 per cent for August and 2.4 per cent annually, which is elevated, meaning that inflation has already spilt over into other parts of the economy.&nbsp;<h2>What does it mean for the Indian rupee, dollar and FPI?&nbsp;</h2>The dollar has strengthened following the rate hike. It eased by 0.2 per cent after rising 0.7 per cent in the prior session. Other assets from developing economies are already feeling the heat. The rupee is flirting with the psychological 96-per-dollar level; it fell to an intraday low of 96.10 before staging a recovery to close flat at 95.89. Foreign Portfolio investment is also likely to drop as global investors find dollar-dominated assets more attractive. Overseas investors are aggressively hedging, as stop-loss orders are kicking in, which can keep pressure on the rupee even without fresh bad news. It is not just driven by the strength of the dollar; a double whammy with crude prices continuing above the psychological $100 mark. Sensex was volatile, with significant intraday swings and closing nearly flat, down marginally by 21.86 points.&nbsp;The dollar is seeming strong in the short term, but persistently high borrowing costs will push US debt even higher. The long-term prospect of $40 trillion in debt does not look good for Uncle Sam. The interest is already more than $1.2 trillion higher than the US defence budget. This financial burden of servicing it is unlike anything ever seen in history.Also Read: <a href="https://www.wionews.com/world/pakistan-mecca-defence-pact-houthi-drone-incident-saudi-arabia-1789648511839">Pakistan vows to honour Mecca defence pact after drone incident near holy city</a><h2>Rate hike looming for India</h2>The Fed's move was mirrored in the European Central Bank, which also raised interest rates by 25 basis points. Bank of Japan is also likely to follow with a rate hike to a 31-year high this Friday, September 18. With all major banks following the new regime, it is also imperative that the Reserve Bank of India revise its policy of holding rates. India has also seen CPI at 4.8 per cent for August, well above the target of 4 per cent, generalised for the third straight month. In fact, the minutes of the last MPC meeting point in that direction. The RBI has already announced Open Market Operations (OMO) sales to soak up the extra liquidity ahead of the festive season to align the Weighted Average Call Rate (WACR) with the policy repo rate.

The US Fed has raised rates to 4%, putting pressure on the rupee, FPIs and Indian stocks as crude prices and inflation remain elevated.

The US Federal Reserve has raised interest rates by 25 basis points on Wednesday, September 16, 2026, for the first time since July 2023, following its unanimous 12-0 vote. The new Fed Chair Kevin Warsh raised the interest rate from 3.75 per cent to 4 per cent, and the impact is likely to be felt beyond the US, from rupee and bond yields to the Indian stock market and FPIs. This comes despite US President Donald Trump urging that the rates are too high, and specifically supporting Warsh to deliver a much-needed rate cut. According to the Fed's Summary of Economic Projections, 16 out of 18 officials project at least one more quarter-point rate hike by the end of 2026. Why did the Fed hike rates? On the surface, the explanation provided was inflation. US consumer inflation rose 0.4 per cent in August and 3.4 per cent over the last 12 months, well above the 2 per cent target. The Fed believes that the rate hike should bring inflation back towards its projected goal. The higher interest rates are expected to slow down demand by increasing borrowing costs. It is also likely to raise rate of mortgages, car loans and student loans. Also Read: Congress denies MPs backed UPI fee, calls it a 'news plantation economy' Will inflation drop? Even though the Fed cited inflation as the issue it is not related to a demand problem, but a supply shock. The Iran war has pushed oil prices well above $100 per barrel. Further, the AI build out itself has created massive asset bubbles. A few corporations are circulating capital among themselves, calling it revenue. It is hardly surprising AI CEOs are calling for a slowdown. Some officials described it as a serious concern, an inflation risk, alongside the energy shock. Officials framed the rate hike as trying to keep near-term price shocks from becoming a persistent inflation problem, not as a claim that hiking will bring gas prices down. Officials are also expecting to stop the elevated energy costs from bleeding into broader inflation expectations and wage-price spirals. Core CPI, which excludes food and energy prices, stood at 0.3 per cent for August and 2.4 per cent annually, which is elevated, meaning that inflation has already spilt over into other parts of the economy. What does it mean for the Indian rupee, dollar and FPI? The dollar has strengthened following the rate hike. It eased by 0.2 per cent after rising 0.7 per cent in the prior session. Other assets from developing economies are already feeling the heat. The rupee is flirting with the psychological 96-per-dollar level; it fell to an intraday low of 96.10 before staging a recovery to close flat at 95.89. Foreign Portfolio investment is also likely to drop as global investors find dollar-dominated assets more attractive. Overseas investors are aggressively hedging, as stop-loss orders are kicking in, which can keep pressure on the rupee even without fresh bad news. It is not just driven by the strength of the dollar; a double whammy with crude prices continuing above the psychological $100 mark. Sensex was volatile, with significant intraday swings and closing nearly flat, down marginally by 21.86 points. The dollar is seeming strong in the short term, but persistently high borrowing costs will push US debt even higher. The long-term prospect of $40 trillion in debt does not look good for Uncle Sam. The interest is already more than $1.2 trillion higher than the US defence budget. This financial burden of servicing it is unlike anything ever seen in history. Also Read: Pakistan vows to honour Mecca defence pact after drone incident near holy city Rate hike looming for India The Fed's move was mirrored in the European Central Bank, which also raised interest rates by 25 basis points. Bank of Japan is also likely to follow with a rate hike to a 31-year high this Friday, September 18. With all major banks following the new regime, it is also imperative that the Reserve Bank of India revise its policy of holding rates. India has also seen CPI at 4.8 per cent for August, well above the target of 4 per cent, generalised for the third straight month. In fact, the minutes of the last MPC meeting point in that direction. The RBI has already announced Open Market Operations (OMO) sales to soak up the extra liquidity ahead of the festive season to align the Weighted Average Call Rate (WACR) with the policy repo rate.

The US Fed has raised rates to 4%, putting pressure on the rupee, FPIs and Indian stocks as crude prices and inflation remain elevated.

Fed hikes rates to 4%: Why India’s rupee, FPI and stock market face pressure

US President Donald Trump has pushed back on claims of constant dialogue with Federal Reserve Chair Kevin Warsh. He confirmed that the two speak sporadically after the Wall Street Journal reported that the conversations had been frequent. Trump said that story was wrong and he and Warsh had been in touch “one time, briefly, a few days ago.” This comes as, over the past week, the White House has been targeting Fed Governor Lisa Cook to remove her over unverified mortgage fraud allegations.&nbsp;“I spoke to him one time, briefly, a few days ago, just a conversation. They made it sound like I live and breathe, you know, I speak to Kevin all the time, every time.” Responding to the questions of Federal Reserve Interest Rates, Trump said that they should be lower. “I know what he'd like to do, but he has to run it. He's got a board,” Trump said. “If it was up to him, it would be different, but he's got a board.”The recent reports cast doubt about the independence of the central bank. Trump had been on the tail of former Fed Chair Jerome Powell, and had openly criticised him for not delivering a rate cut. He then engineered the appointment of Kevin Warsh, who was supposed to deliver him the desired rate cut. But following the weak employment data of July, &nbsp;futures markets see about a 75 per cent chance of a quarter-point rate increase by the midterms.&nbsp;Also Read: <a href="https://www.wionews.com/world/oil-prices-surge-hormuz-deal-falters-gold-4400-1786451425044">Oil surges 5% as Iran-Hormuz deal falters; gold hits two-month high above $4,400</a>Now the White House is putting extreme pressure to fire Governor Lisa Cook, who is serving a 14-year term on the Fed’s Board. It is unclear whether Trump and Warsh's conversation happened before or after the call. It is unusual for a President to have direct contact with the Fed Chair. Trump had met Powell only once since his return to office in January 2025.&nbsp;The headline US inflation stands at 3.5 per cent in June, a significant cooling from the 4.2 per cent, which is still above the 2 per cent target. Ahead of this week's consumer and producer price inflation ​reports, the biggest influences on Fed thinking, it is hard to predict what the Fed is considering. A rate cut could create further inflationary pressure amid a weak employment outlook.&nbsp;&nbsp;

Donald Trump denied frequent conversations with Fed Chair Kevin Warsh as the White House pressures the Fed over interest rates and Governor Lisa Cook.

US President Donald Trump has pushed back on claims of constant dialogue with Federal Reserve Chair Kevin Warsh. He confirmed that the two speak sporadically after the Wall Street Journal reported that the conversations had been frequent. Trump said that story was wrong and he and Warsh had been in touch “one time, briefly, a few days ago.” This comes as, over the past week, the White House has been targeting Fed Governor Lisa Cook to remove her over unverified mortgage fraud allegations. “I spoke to him one time, briefly, a few days ago, just a conversation. They made it sound like I live and breathe, you know, I speak to Kevin all the time, every time.” Responding to the questions of Federal Reserve Interest Rates, Trump said that they should be lower. “I know what he'd like to do, but he has to run it. He's got a board,” Trump said. “If it was up to him, it would be different, but he's got a board.” The recent reports cast doubt about the independence of the central bank. Trump had been on the tail of former Fed Chair Jerome Powell, and had openly criticised him for not delivering a rate cut. He then engineered the appointment of Kevin Warsh, who was supposed to deliver him the desired rate cut. But following the weak employment data of July, futures markets see about a 75 per cent chance of a quarter-point rate increase by the midterms. Also Read: Oil surges 5% as Iran-Hormuz deal falters; gold hits two-month high above $4,400 Now the White House is putting extreme pressure to fire Governor Lisa Cook, who is serving a 14-year term on the Fed’s Board. It is unclear whether Trump and Warsh's conversation happened before or after the call. It is unusual for a President to have direct contact with the Fed Chair. Trump had met Powell only once since his return to office in January 2025. The headline US inflation stands at 3.5 per cent in June, a significant cooling from the 4.2 per cent, which is still above the 2 per cent target. Ahead of this week's consumer and producer price inflation reports, the biggest influences on Fed thinking, it is hard to predict what the Fed is considering. A rate cut could create further inflationary pressure amid a weak employment outlook.

Donald Trump denied frequent conversations with Fed Chair Kevin Warsh as the White House pressures the Fed over interest rates and Governor Lisa Cook.

Trump denies frequent contact with Fed Chair Kevin Warsh amid pressure over interest rates

Is Kevin Warsh going to be a markets-friendly and an independent Fed chair? The market seems to think so, but not in the short term. In this next report, we decode the dichotomy Warsh faces amid a historic energy crisis due to the ongoing Iran war.

Kevin Warsh Faces a Baptism by Fire 

A new chapter begins at the US Federal Reserve as Kevin Warsh is officially sworn in as the new Fed Chair by a Supreme Court Justice. The ceremony marks a significant leadership transition at America's central bank at a time of heightened focus on inflation, interest rates, economic growth, and financial stability.

US: Supreme Court Justice Swears-In New Fed Chief Kevin Warsh

US President Donald Trump on Friday (May 22) participated in the swearing-in ceremony of Kevin Warsh as the new Federal Reserve Chairman. Trump added that he wants Warsh to serve “totally independent”. Trump also urged the central bank head to let the economy “boom”. Donald Trump, who nominated Kevin Warsh for the position, has repeatedly pressured the Federal Reserve to lower interest rates and often publicly criticised his predecessor, Jerome Powell.“Honestly, I really mean this, this is not said in any other way. I want Kevin to be totally independent,” Trump said. “I want him to be independent and just do a great job. Don't look at me, don't look at anybody, just do your own thing, and do a great job.”Trump argued that the Federal Reserve had drifted away from its primary responsibilities in recent years by focusing on issues such as climate policy and diversity, equity and inclusion (DEI) initiatives instead of its core economic mandate.“In the eyes of many, the Fed lost its way in recent years. It became distracted by concerns far removed from its core mission and mandate, drifting into matters such as climate policy and DEI initiatives,” he added.He also blamed the previous administration’s deficit spending and the Fed’s policy direction for triggering what he described as historically high inflation in the United States.“With the Fed straying from its mandate, while the last administration blew out the deficit, Americans suffered the worst inflation that we had in history. It was the worst inflation we've ever had,” he said.Praising Warsh's economic outlook, Trump said, “Kevin understands that when the economy is booming, that's a good thing. We want to stop inflation, but we don't want to stop greatness.”“We have to go crazy, just let it boom. We want it to boom.”

US President Donald Trump swore in Kevin Warsh as new Fed Chair, urging him to remain “totally independent” while criticising the Federal Reserve’s recent focus on climate and DEI policies.

US President Donald Trump on Friday (May 22) participated in the swearing-in ceremony of Kevin Warsh as the new Federal Reserve Chairman. Trump added that he wants Warsh to serve “totally independent”. Trump also urged the central bank head to let the economy “boom”. Donald Trump, who nominated Kevin Warsh for the position, has repeatedly pressured the Federal Reserve to lower interest rates and often publicly criticised his predecessor, Jerome Powell. “Honestly, I really mean this, this is not said in any other way. I want Kevin to be totally independent,” Trump said. “I want him to be independent and just do a great job. Don't look at me, don't look at anybody, just do your own thing, and do a great job.” Trump argued that the Federal Reserve had drifted away from its primary responsibilities in recent years by focusing on issues such as climate policy and diversity, equity and inclusion (DEI) initiatives instead of its core economic mandate. “In the eyes of many, the Fed lost its way in recent years. It became distracted by concerns far removed from its core mission and mandate, drifting into matters such as climate policy and DEI initiatives,” he added. He also blamed the previous administration’s deficit spending and the Fed’s policy direction for triggering what he described as historically high inflation in the United States. “With the Fed straying from its mandate, while the last administration blew out the deficit, Americans suffered the worst inflation that we had in history. It was the worst inflation we've ever had,” he said. Praising Warsh's economic outlook, Trump said, “Kevin understands that when the economy is booming, that's a good thing. We want to stop inflation, but we don't want to stop greatness.” “We have to go crazy, just let it boom. We want it to boom.”

Donald Trump swore in Kevin Warsh as new Fed Chair, urging him to remain “totally independent” while criticising the Federal Reserve’s recent focus on climate and DEI policies.

‘I want him to be totally independent’: Trump swears in Kevin Warsh as new Fed chair

The US Senate on Wednesday (May 13) confirmed Kevin Warsh as the new chairman of the Federal Reserve, placing him at the helm of a central bank facing mounting political pressure and persistently high inflation. The Senate approved Warsh in a 54-45 vote, with Republicans narrowly controlling the chamber and backing President Donald Trump’s nominee to replace Jerome Powell. Previously regarded as a strong inflation-focused policymaker, Warsh has recently aligned more closely with Trump’s calls for lower interest rates, a stance that has intensified concerns over the Federal Reserve’s independence. Warsh, who will serve a four-year term, has pledged to bring ‘regime change’ to the central bank, criticizing the Fed for becoming overly political and too transparent in its communications.&nbsp;However, with inflation remaining above the Fed’s long-term two-percent target and rising amid tensions linked to the US-Iran conflict, analysts believe Warsh may struggle to convince policymakers to cut rates quickly. That could expose him to criticism from Trump, who has repeatedly attacked Powell over interest-rate decisions."Warsh's biggest challenge will likely be dealing with President Trump," said David Wessel. "The president does not respect the independence of the Fed, and he wants interest rates to be lower."<h2>Fed independence under pressure</h2>In January, Powell revealed that a Justice Department criminal investigation into cost overruns tied to a Federal Reserve renovation project was being used to pressure monetary policy decisions. The probe followed Trump’s separate attempt to remove Fed Governor Lisa Cook from the board. The investigation into Powell has since been dropped as the administration sought to ease Warsh’s path to confirmation. Meanwhile, the Supreme Court is expected to rule on the legality of removing Cook.Both actions were ‘unprecedented’, according to Kathryn Judge, an expert in banking law. While noting that Warsh was Trump’s choice, just as Powell had once been, Judge said there was little indication the political pressure would stop. "Fed officials have been put on notice that this president is willing to use all available tools to bully them into acceding to his demands," she said.&nbsp;Also Read: <a href="https://www.wionews.com/world/hungary-summons-russian-ambassador-after-massive-drone-strikes-targeting-20-regions-across-ukraine-1778702773579">Hungary summons Russian ambassador after massive drone strikes target 20 regions across Ukraine</a><h2>Economic challenges ahead</h2>Warsh assumes leadership as the US economy continues to grapple with ongoing economic instability. The pandemic pushed inflation far beyond the Fed’s target, with consumer prices peaking at 9.1 per cent in 2022. Although inflation has eased, American households continue to struggle with elevated living costs. In April, annual inflation climbed to a three-year high of 3.8 percent, driven partly by rising oil prices linked to the US-Israel conflict with Iran.&nbsp;At the same time, the Fed must balance its mandate to maintain maximum employment. While unemployment has remained around 4.3 per cent, overall job growth has been inconsistent, with most gains concentrated in the healthcare sector. Labor shortages caused by an aging population and Trump’s deportation policies have further complicated the economic picture. The Fed now faces a difficult balancing act: raise interest rates to curb inflation or lower them to support economic growth.&nbsp;<a href="https://www.wionews.com/videos/us-intel-contradicts-trump-on-iran-30-out-of-33-iranian-launch-sites-operational-1778692513887/embed">https://www.wionews.com/videos/us-intel-contradicts-trump-on-iran-30-out-of-33-iranian-launch-sites-operational-1778692513887/embed</a><h2>A divided Federal Reserve</h2>Warsh also inherits growing divisions within the Fed’s rate-setting committee. At the central bank’s latest meeting, three members publicly suggested that additional rate hikes may be necessary to fight inflation, &nbsp;an unusually open disagreement. "One of Warsh's challenges is that the Fed does seem divided, at times along partisan lines, which is a change from the past," said Wessel. Another unusual development is that Powell plans to remain on the Federal Reserve board after stepping down as chair, marking the first time in more than 70 years that an outgoing chair has stayed on.&nbsp;US Treasury Secretary Scott Bessent welcomed Warsh’s confirmation, saying he would ‘usher in a new day’ at the Fed. Most Senate Democrats opposed the appointment, arguing that Trump’s repeated attacks threaten the central bank’s independence. "Trump wants to control interest rates, and he nominated Kevin Warsh to be his sock puppet," said Senator Elizabeth Warren. At his Senate hearing, Warsh rejected the accusation, saying he would ‘absolutely not’ be the president's puppet.

The US Senate confirms Kevin Warsh as Federal Reserve chair amid inflation challenges, Trump pressure on interest rates, and concerns over Fed independence

The US Senate on Wednesday (May 13) confirmed Kevin Warsh as the new chairman of the Federal Reserve, placing him at the helm of a central bank facing mounting political pressure and persistently high inflation. The Senate approved Warsh in a 54-45 vote, with Republicans narrowly controlling the chamber and backing President Donald Trump’s nominee to replace Jerome Powell. Previously regarded as a strong inflation-focused policymaker, Warsh has recently aligned more closely with Trump’s calls for lower interest rates, a stance that has intensified concerns over the Federal Reserve’s independence. Warsh, who will serve a four-year term, has pledged to bring ‘regime change’ to the central bank, criticizing the Fed for becoming overly political and too transparent in its communications. However, with inflation remaining above the Fed’s long-term two-percent target and rising amid tensions linked to the US-Iran conflict, analysts believe Warsh may struggle to convince policymakers to cut rates quickly. That could expose him to criticism from Trump, who has repeatedly attacked Powell over interest-rate decisions. "Warsh's biggest challenge will likely be dealing with President Trump," said David Wessel. "The president does not respect the independence of the Fed, and he wants interest rates to be lower." Fed independence under pressure In January, Powell revealed that a Justice Department criminal investigation into cost overruns tied to a Federal Reserve renovation project was being used to pressure monetary policy decisions. The probe followed Trump’s separate attempt to remove Fed Governor Lisa Cook from the board. The investigation into Powell has since been dropped as the administration sought to ease Warsh’s path to confirmation. Meanwhile, the Supreme Court is expected to rule on the legality of removing Cook. Both actions were ‘unprecedented’, according to Kathryn Judge, an expert in banking law. While noting that Warsh was Trump’s choice, just as Powell had once been, Judge said there was little indication the political pressure would stop. "Fed officials have been put on notice that this president is willing to use all available tools to bully them into acceding to his demands," she said. Also Read: Hungary summons Russian ambassador after massive drone strikes target 20 regions across Ukraine Economic challenges ahead Warsh assumes leadership as the US economy continues to grapple with ongoing economic instability. The pandemic pushed inflation far beyond the Fed’s target, with consumer prices peaking at 9.1 per cent in 2022. Although inflation has eased, American households continue to struggle with elevated living costs. In April, annual inflation climbed to a three-year high of 3.8 percent, driven partly by rising oil prices linked to the US-Israel conflict with Iran. At the same time, the Fed must balance its mandate to maintain maximum employment. While unemployment has remained around 4.3 per cent, overall job growth has been inconsistent, with most gains concentrated in the healthcare sector. Labor shortages caused by an aging population and Trump’s deportation policies have further complicated the economic picture. The Fed now faces a difficult balancing act: raise interest rates to curb inflation or lower them to support economic growth. https://www.wionews.com/videos/us-intel-contradicts-trump-on-iran-30-out-of-33-iranian-launch-sites-operational-1778692513887/embed A divided Federal Reserve Warsh also inherits growing divisions within the Fed’s rate-setting committee. At the central bank’s latest meeting, three members publicly suggested that additional rate hikes may be necessary to fight inflation, an unusually open disagreement. "One of Warsh's challenges is that the Fed does seem divided, at times along partisan lines, which is a change from the past," said Wessel. Another unusual development is that Powell plans to remain on the Federal Reserve board after stepping down as chair, marking the first time in more than 70 years that an outgoing chair has stayed on. US Treasury Secretary Scott Bessent welcomed Warsh’s confirmation, saying he would ‘usher in a new day’ at the Fed. Most Senate Democrats opposed the appointment, arguing that Trump’s repeated attacks threaten the central bank’s independence. "Trump wants to control interest rates, and he nominated Kevin Warsh to be his sock puppet," said Senator Elizabeth Warren. At his Senate hearing, Warsh rejected the accusation, saying he would ‘absolutely not’ be the president's puppet.

Kevin Warsh confirmed as Fed chair amid inflation concerns, political pressure from Donald Trump, and growing fears over Fed independence

US Senate confirms Kevin Warsh as next Federal Reserve Chair amid rising inflation

A divided Federal Reserve kept interest rates unchanged for the third consecutive meeting on Wednesday (April 29), citing uncertainty driven by the Middle East conflict. The decision, made under Chair Jerome Powell, may mark his final meeting as the central bank's leader. "Inflation is elevated, in part reflecting the recent increase in global energy prices," the Fed said. Rates remain in the 3.50% to 3.75% range. However, dissent was notable; four of 12 voting members opposed the decision. Stephen Miran pushed for a quarter-point rate cut, while Beth Hammack, Neel Kashkari, and Lorie Logan supported holding rates but rejected the Fed’s signal toward future cuts. This marks the highest level of dissent since 1992, highlighting growing divisions within the central bank.&nbsp;The Fed had been gradually cutting rates since late last year, but the ongoing US-Israel conflict involving Iran has increased energy costs and disrupted supply chains. Analysts now warn inflation risks could shift policy back toward rate hikes. The decision comes during a volatile economic period. Donald Trump has repeatedly criticized Powell for not cutting rates faster. Powell is also expected to address whether he will remain on the board after his term as chair ends on May 15. Meanwhile, Trump’s nominee for Fed chair, Kevin Warsh, moved closer to confirmation after the Senate Banking Committee approved his nomination.&nbsp;Also Read: <a href="https://www.wionews.com/world/salim-dola-deportation-india-and-turkey-continue-cooperation-on-terrorism-and-transnational-crime-1777482772814">Salim Dola deportation: India and Turkey continue cooperation on terrorism and transnational crime</a>&nbsp;Democrats, including Elizabeth Warren, warned the move could undermine Fed independence, while Raphael Warnock cited "persistent threats" from Trump toward the central bank. Trump has also targeted Fed officials, including Lisa Cook, and backed a Justice Department probe into the Fed, later dropped, raising concerns about political interference.&nbsp;<a href="https://www.wionews.com/videos/can-king-charles-repair-strained-uk-us-relations-1777483360335/embed">https://www.wionews.com/videos/can-king-charles-repair-strained-uk-us-relations-1777483360335/embed</a>&nbsp;Despite pressure, Powell has pledged transparency and may remain on the board until 2028. Analysts suggest his continued presence could stabilize the institution during the leadership transition. The Fed continues to balance its dual mandate—controlling inflation and supporting employment—as rising energy costs threaten both price stability and economic growth.

US Federal Reserve keeps rates unchanged amid inflation concerns and Middle East tensions. Rising dissent and Powell's uncertain future draw attention

A divided Federal Reserve kept interest rates unchanged for the third consecutive meeting on Wednesday (April 29), citing uncertainty driven by the Middle East conflict. The decision, made under Chair Jerome Powell, may mark his final meeting as the central bank's leader. "Inflation is elevated, in part reflecting the recent increase in global energy prices," the Fed said. Rates remain in the 3.50% to 3.75% range. However, dissent was notable; four of 12 voting members opposed the decision. Stephen Miran pushed for a quarter-point rate cut, while Beth Hammack, Neel Kashkari, and Lorie Logan supported holding rates but rejected the Fed’s signal toward future cuts. This marks the highest level of dissent since 1992, highlighting growing divisions within the central bank. The Fed had been gradually cutting rates since late last year, but the ongoing US-Israel conflict involving Iran has increased energy costs and disrupted supply chains. Analysts now warn inflation risks could shift policy back toward rate hikes. The decision comes during a volatile economic period. Donald Trump has repeatedly criticized Powell for not cutting rates faster. Powell is also expected to address whether he will remain on the board after his term as chair ends on May 15. Meanwhile, Trump’s nominee for Fed chair, Kevin Warsh, moved closer to confirmation after the Senate Banking Committee approved his nomination. Also Read: Salim Dola deportation: India and Turkey continue cooperation on terrorism and transnational crime Democrats, including Elizabeth Warren, warned the move could undermine Fed independence, while Raphael Warnock cited "persistent threats" from Trump toward the central bank. Trump has also targeted Fed officials, including Lisa Cook, and backed a Justice Department probe into the Fed, later dropped, raising concerns about political interference. https://www.wionews.com/videos/can-king-charles-repair-strained-uk-us-relations-1777483360335/embed Despite pressure, Powell has pledged transparency and may remain on the board until 2028. Analysts suggest his continued presence could stabilize the institution during the leadership transition. The Fed continues to balance its dual mandate—controlling inflation and supporting employment—as rising energy costs threaten both price stability and economic growth.

Fed holds rates amid inflation fears and war uncertainty; dissent rises as Jerome Powell’s tenure nears end and leadership transition looms

US Fed holds rates in Jerome Powell's likely last meeting as Chair amid rising inflation and rare internal split

The Federal Reserve's policy-making committee began its scheduled two-day meeting today, Tuesday, April 28, 2026. This is widely expected to be the final meeting of Jerome Powell as Fed Chair after eight years at the helm. The committee will announce its third-rate decision of 2026 on Wednesday. He will be replaced by Trump's nominee Kevin Warsh on May 15.&nbsp;<h2>What to expect from the Fed's meeting?</h2>The overwhelming consensus from the economists is that the Federal Open Market Committee, or FOMC, will hold rates steady, within its current range of 3.5 per cent to 3.75 per cent. While the Fed's own projections earlier this year signalled a single 0.25 per cent rate cut sometime in 2026, recent geopolitical and economic shocks have made that less certain. The war in West Asia has pushed energy prices and inflation to their highest level in almost two years. &nbsp;With Brent crude near $110 per barrel, analysts from StoneX report that markets now see only a 35% chance of even one rate cut this year.Also Read: <a href="https://www.wionews.com/photos/irgc-subsea-cables-strait-of-hormuz-digital-chokepoint-1777373875901">Hormuz is a digital chokepoint: How can the US-Iran war threaten internet connectivity?</a>"The FOMC is likely to reiterate its wait-and-see message at its April meeting this week because the war with Iran continues to cloud the economic outlook and to present risks to both inflation and activity," said economists at Goldman Sachs. While a rate cut would make it easier for US consumers to borrow easily, it would push inflation even higher, which would be pushed into all other economies. It seems extremely unlikely as officials confront a lacklustre job market. However, a rate cut might help businesses to hire more workers, but the job market is not in that dire need of a push that they would risk further inflation. "The labour market is plugging along without much steam, but it's still plugging along," said Elizabeth Renter, a senior analyst at NerdWallet, to CBS News. The CPI Index for March was at 3.3 per cent on an annual basis, well above the Fed's target rate of 2 per cent, and the highest since May 2024.<h2>Kevin Warsh to deliver Trump's rate cut?</h2>Trump's nominee, Warsh, says that he is looking for a "good family fight" at the policy-making table once he takes over the US central bank, as Trump is urging for an interest rate cut. Of the 19 Fed officials who set interest rates, about a third are solidly centrist, and only three have agreed to a near-term cut in borrowing rates. Warsh, at his confirmation hearing, did not reiterate his support for rate cuts, which he promised to deliver when US President Donald Trump was considering his nominee for the Fed Chair.&nbsp;

The Federal Reserve begins its two-day meeting, likely holding rates steady as Jerome Powell prepares to step down and Kevin Warsh takes over.

The Federal Reserve's policy-making committee began its scheduled two-day meeting today, Tuesday, April 28, 2026. This is widely expected to be the final meeting of Jerome Powell as Fed Chair after eight years at the helm. The committee will announce its third-rate decision of 2026 on Wednesday. He will be replaced by Trump's nominee Kevin Warsh on May 15. What to expect from the Fed's meeting? The overwhelming consensus from the economists is that the Federal Open Market Committee, or FOMC, will hold rates steady, within its current range of 3.5 per cent to 3.75 per cent. While the Fed's own projections earlier this year signalled a single 0.25 per cent rate cut sometime in 2026, recent geopolitical and economic shocks have made that less certain. The war in West Asia has pushed energy prices and inflation to their highest level in almost two years. With Brent crude near $110 per barrel, analysts from StoneX report that markets now see only a 35% chance of even one rate cut this year. Also Read: Hormuz is a digital chokepoint: How can the US-Iran war threaten internet connectivity? "The FOMC is likely to reiterate its wait-and-see message at its April meeting this week because the war with Iran continues to cloud the economic outlook and to present risks to both inflation and activity," said economists at Goldman Sachs. While a rate cut would make it easier for US consumers to borrow easily, it would push inflation even higher, which would be pushed into all other economies. It seems extremely unlikely as officials confront a lacklustre job market. However, a rate cut might help businesses to hire more workers, but the job market is not in that dire need of a push that they would risk further inflation. "The labour market is plugging along without much steam, but it's still plugging along," said Elizabeth Renter, a senior analyst at NerdWallet, to CBS News. The CPI Index for March was at 3.3 per cent on an annual basis, well above the Fed's target rate of 2 per cent, and the highest since May 2024. Kevin Warsh to deliver Trump's rate cut? Trump's nominee, Warsh, says that he is looking for a "good family fight" at the policy-making table once he takes over the US central bank, as Trump is urging for an interest rate cut. Of the 19 Fed officials who set interest rates, about a third are solidly centrist, and only three have agreed to a near-term cut in borrowing rates. Warsh, at his confirmation hearing, did not reiterate his support for rate cuts, which he promised to deliver when US President Donald Trump was considering his nominee for the Fed Chair.

The Federal Reserve begins its two-day meeting, likely holding rates steady as Jerome Powell prepares to step down and Kevin Warsh takes over.

Fed third meeting of 2026: Final Powell decision, rates likely unchanged

The US Justice Department has ended its probe into Federal Reserve chair Jerome Powell, clearing a major roadblock to the confirmation of his successor Kevin Warsh. US Attorney for the District of Columbia Jeannine Pirro said on Friday that her office was ending its probe into the Fed’s extensive building renovations because the Fed’s inspector general would scrutinise them instead.&nbsp;Pirro wrote on X that the Fed’s inspector general has instead been asked to look into potential cost overruns in the central bank's renovation of its Washington, D.C., headquarters.&nbsp;“Accordingly, I have directed my office to close our investigation as the IG undertakes this inquiry,” she wrote.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/rbi-cancels-licence-of-paytm-payments-bank-to-seek-winding-up-in-court-1777048619815">RBI cancels licence of Paytm Payments Bank, to seek its winding up in court</a>&nbsp;<h2>Move could lead to swift confirmation by Senate for Kevin Warsh</h2>&nbsp;The move could lead to a swift confirmation vote by the Senate for Warsh, a former top Fed official whom President Donald Trump, a Republican, nominated in January to replace Powell. Powell’s term as chair ends May 15.&nbsp;Sen. Thom Tillis, a North Carolina Republican, had said he would oppose Warsh until the investigation was resolved, effectively blocking his confirmation.Republicans praised Warsh during a Tuesday hearing, but Democrats questioned his independence from Trump, the lack of transparency around some of his financial holdings, and his flip-flop on interest rates.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/world/us-blockade-of-iranian-vessels-to-continue-for-as-long-as-it-takes-defence-secretary-pete-hegseth-1777040971899">US blockade of Iranian vessels to continue for ‘as long as it takes’: Defence Secretary Pete Hegseth</a>&nbsp;The investigation was among several undertaken by the Justice Department against Trump’s perceived adversaries. It had failed to gain traction for months as prosecutors struggled to articulate a basis to suspect criminal conduct.&nbsp;A prosecutor handling the case conceded at a closed-door court hearing last month that the government hadn’t found any evidence of a crime. Consequently, a judge quashed the subpoenas issued to the Federal Reserve.&nbsp;&nbsp;Also Read: <a href="https://www.wionews.com/world/iran-cleric-wants-trump-to-apologise-over-ali-khamenei-killing-admit-mistake-before-world-1777036677663">Iran cleric wants Trump to apologise over Ali Khamenei killing, admit ‘mistake’ before world</a><h2>‘Prosecutors produced essentially zero evidence to suspect Powell of crime’</h2>&nbsp;The judge, James Boasberg, said prosecutors had produced “essentially zero evidence” to suspect Powell of a crime.&nbsp;&nbsp;Warsh said during the Senate hearing earlier this week that he never promised the White House that he would cut interest rates, even as the president renewed his calls for the central bank to do so.&nbsp;Also Read: <a href="https://www.wionews.com/india-news/raghav-chadha-2-other-mps-quit-aam-aadmi-party-announce-split-with-2-3rd-mps-to-join-bjp-1777026936391">Raghav Chadha, 2 other MPs quit Aam Aadmi Party, announce split with 2/3rd MPs joining BJP</a>&nbsp;“The president never once asked me to commit to any particular interest rate decision, period,” Kevin Warsh, a former top Fed official, said during questioning by the Senate Banking Committee. “Nor would I ever agree to do so if he had. ... I will be an independent actor if confirmed as chair of the Federal Reserve.”&nbsp;The decision to abandon the investigation represents a rare pullback for a Justice Department that over the last year has moved aggressively, albeit unsuccessfully, to prosecute public figures the president does not like.

The investigation against Federal Reserve chair Jerome Powell was among several undertaken by the Justice Department against Trump’s perceived adversaries. It had failed to gain traction for months as prosecutors struggled to articulate a basis to suspect criminal conduct.

The US Justice Department has ended its probe into Federal Reserve chair Jerome Powell, clearing a major roadblock to the confirmation of his successor Kevin Warsh. US Attorney for the District of Columbia Jeannine Pirro said on Friday that her office was ending its probe into the Fed’s extensive building renovations because the Fed’s inspector general would scrutinise them instead. Pirro wrote on X that the Fed’s inspector general has instead been asked to look into potential cost overruns in the central bank's renovation of its Washington, D.C., headquarters. “Accordingly, I have directed my office to close our investigation as the IG undertakes this inquiry,” she wrote. Also Read: RBI cancels licence of Paytm Payments Bank, to seek its winding up in court Move could lead to swift confirmation by Senate for Kevin Warsh The move could lead to a swift confirmation vote by the Senate for Warsh, a former top Fed official whom President Donald Trump, a Republican, nominated in January to replace Powell. Powell’s term as chair ends May 15. Sen. Thom Tillis, a North Carolina Republican, had said he would oppose Warsh until the investigation was resolved, effectively blocking his confirmation. Republicans praised Warsh during a Tuesday hearing, but Democrats questioned his independence from Trump, the lack of transparency around some of his financial holdings, and his flip-flop on interest rates. Also Read: US blockade of Iranian vessels to continue for ‘as long as it takes’: Defence Secretary Pete Hegseth The investigation was among several undertaken by the Justice Department against Trump’s perceived adversaries. It had failed to gain traction for months as prosecutors struggled to articulate a basis to suspect criminal conduct. A prosecutor handling the case conceded at a closed-door court hearing last month that the government hadn’t found any evidence of a crime. Consequently, a judge quashed the subpoenas issued to the Federal Reserve. Also Read: Iran cleric wants Trump to apologise over Ali Khamenei killing, admit ‘mistake’ before world ‘Prosecutors produced essentially zero evidence to suspect Powell of crime’ The judge, James Boasberg, said prosecutors had produced “essentially zero evidence” to suspect Powell of a crime. Warsh said during the Senate hearing earlier this week that he never promised the White House that he would cut interest rates, even as the president renewed his calls for the central bank to do so. Also Read: Raghav Chadha, 2 other MPs quit Aam Aadmi Party, announce split with 2/3rd MPs joining BJP “The president never once asked me to commit to any particular interest rate decision, period,” Kevin Warsh, a former top Fed official, said during questioning by the Senate Banking Committee. “Nor would I ever agree to do so if he had. ... I will be an independent actor if confirmed as chair of the Federal Reserve.” The decision to abandon the investigation represents a rare pullback for a Justice Department that over the last year has moved aggressively, albeit unsuccessfully, to prosecute public figures the president does not like.

The investigation against Federal Reserve chair Jerome Powell was among several undertaken by the Justice Department against Trump’s perceived adversaries. It had failed to gain traction for months as prosecutors struggled to articulate a basis to suspect criminal conduct.

Justice Department drops criminal probe of Fed chair Jerome Powell, likely paving the way for Kevin Warsh

President Trump’s nominee for the next Federal Reserve chief, Kevin Warsh, came under intense scrutiny at a Senate hearing for his confirmation.


Kevin Warsh Says Won't Be Trump's 'Sock Puppet'

President Donald Trump has named his choice to lead the federal reserve,
A decision that could shape interest rates, inflation, and the broader US Economy.
Trump says he will nominate former fed governor Kevin Warsh to replace current chair Jerome Powell, whose term ends in may.
The pick is already moving markets and raising concerns about the future independence of the central bank.


Trump Picks Former Fed Governor Kevin Warsh for Key Role

President Donald Trump has named his choice to lead the federal reserve,
A decision that could shape interest rates, inflation, and the broader US Economy.
Trump says he will nominate former fed governor Kevin Warsh to replace current chair Jerome Powell, whose term ends in may.
The pick is already moving markets and raising concerns about the future independence of the central bank.

Trump Nominates Ex-fed Governor Kevin Warsh 

US President Donald Trump nominated Kevin Warsh on Friday (Jan 30) to be the next Chair of the Federal Reserve. Warsh currently serves as the Shepard Family Distinguished Visiting Fellow in Economics at the Hoover Institution and is a lecturer at the Stanford Graduate School of Business. Having previously served as a Federal Reserve Governor from 2006 to 2011, Warsh is considered closely aligned with Donald Trump’s vision for monetary policy, particularly regarding more aggressive interest rate cuts.&nbsp;"I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best," Trump wrote on his Truth Social platform.&nbsp;In his post, Trump listed a detailed portfolio of Warsh's career as he faced criticism over his choice for the next Fed chief. Concerns have emerged regarding the potential politicisation of the Central Bank, with critics fearing that Warsh might tilt monetary policy toward political preferences rather than strictly data-based decisions.&nbsp;Also Read: <a href="https://www.wionews.com/world/treason-much-canada-host-of-sikh-separatists-cries-sovereignty-as-alberta-independence-group-meets-trump-officials-1769773340623">Treason much? Canada, host of Sikh separatists, cries ‘sovereignty’ as Alberta independence group meets Trump officials</a>&nbsp;"I am pleased to announce that I am nominating Kevin Warsh to be the CHAIRMAN OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Kevin currently serves as the Shepard Family Distinguished Visiting Fellow in Economics at the Hoover Institution and Lecturer at the Stanford Graduate School of Business. He is a Partner of Stanley Druckenmiller at Duquesne Family Office LLC. Kevin received his A.B. from Stanford University and J.D. from Harvard Law School. He has conducted extensive research in the field of Economics and Finance," Trump wrote.&nbsp;The US President further highlighted Warsh’s past work with the Bank of England, noting: "Kevin issued an Independent Report to the Bank of England proposing reforms in the conduct of Monetary Policy in the United Kingdom. Parliament adopted the Report's recommendations. Kevin Warsh became the youngest Fed Governor ever, at 35, and served as a Member of the Board of Governors of the Federal Reserve System from 2006 until 2011, as the Federal Reserve's Representative to the Group of Twenty (G-20), and as the Board's Emissary to the Emerging and Advanced Economies in Asia."&nbsp;Warsh is no stranger to Washington's power corridors, having previously served as Special Assistant to the President for Economic Policy and Executive Secretary of the White House National Economic Council. His private sector experience includes a tenure with Morgan Stanley &amp; Co. in New York, where he served as Vice President and Executive Director.

US President Donald Trump nominated Kevin Warsh to be the next US central bank chief.

US President Donald Trump nominated Kevin Warsh on Friday (Jan 30) to be the next Chair of the Federal Reserve. Warsh currently serves as the Shepard Family Distinguished Visiting Fellow in Economics at the Hoover Institution and is a lecturer at the Stanford Graduate School of Business. Having previously served as a Federal Reserve Governor from 2006 to 2011, Warsh is considered closely aligned with Donald Trump’s vision for monetary policy, particularly regarding more aggressive interest rate cuts. "I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best," Trump wrote on his Truth Social platform. In his post, Trump listed a detailed portfolio of Warsh's career as he faced criticism over his choice for the next Fed chief. Concerns have emerged regarding the potential politicisation of the Central Bank, with critics fearing that Warsh might tilt monetary policy toward political preferences rather than strictly data-based decisions. Also Read: Treason much? Canada, host of Sikh separatists, cries ‘sovereignty’ as Alberta independence group meets Trump officials "I am pleased to announce that I am nominating Kevin Warsh to be the CHAIRMAN OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. Kevin currently serves as the Shepard Family Distinguished Visiting Fellow in Economics at the Hoover Institution and Lecturer at the Stanford Graduate School of Business. He is a Partner of Stanley Druckenmiller at Duquesne Family Office LLC. Kevin received his A.B. from Stanford University and J.D. from Harvard Law School. He has conducted extensive research in the field of Economics and Finance," Trump wrote. The US President further highlighted Warsh’s past work with the Bank of England, noting: "Kevin issued an Independent Report to the Bank of England proposing reforms in the conduct of Monetary Policy in the United Kingdom. Parliament adopted the Report's recommendations. Kevin Warsh became the youngest Fed Governor ever, at 35, and served as a Member of the Board of Governors of the Federal Reserve System from 2006 until 2011, as the Federal Reserve's Representative to the Group of Twenty (G-20), and as the Board's Emissary to the Emerging and Advanced Economies in Asia." Warsh is no stranger to Washington's power corridors, having previously served as Special Assistant to the President for Economic Policy and Executive Secretary of the White House National Economic Council. His private sector experience includes a tenure with Morgan Stanley & Co. in New York, where he served as Vice President and Executive Director.

Warsh is considered closely aligned with Donald Trump’s vision for monetary policy, particularly regarding more aggressive interest rate cuts.

US President Trump nominates Kevin Warsh as next Federal Reserve chair

Is a private equity billionaire going to be the treasury secretary of the US, one of the most important cabinet positions yet to be filled by incoming president Donald Trump?

Marc Rowan, the CEO of Appolo Global Management Inc, is a top contender for the post that has massive implications for US financial and economic policy affecting the nation and rest of the world, according to various media reports.

Watch: What Trump 2.0 Means For India | GRAVITAS

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Rowan, 62, has gone to Florida from his base in Hong Kong, and is set to meet Trump on Wednesday (Nov 20) to make his case for the job, the Financial Times reported.

According to the British newspaper, Rowan has the support of several Trump donors.

Other top names for the job include hedge fund investor Scott Bessent, former Federal Reserve governor Kevin Warsh and Tennessee Senator Bill Hagerty.

Trump will interview both Rowan and Warsh on Wednesday, Bloomberg news agency reported citing sources.

<a href="https://www.wionews.com/opinions-blogs/office-for-profit-how-trumps-return-will-add-to-his-wealth-and-raise-ethical-questions-777315">Also read: Office for profit: How Trump's return will add to his wealth and raise ethical questions&nbsp;</a> 
 
Trump tapped another billionaire, Howard Lutnick from the investment firm Cantor Fitzgerald, as commerce secretary on Tuesday.

Rowan, a Wharton School of Business graduate, was part of the team that adviced Trump during the early stages of Covid pandemic that hit the US at the fag end of his first term.

Rowan's&nbsp;investment firm Apollo Global Management has assets under management worth over $700 billion.

According to a report in Times of Israel, Rowan was an ardent critic of antisemitism in US educational institutions in the wake of Gaza war after Israel was attacked by Hamas terroists last October.

<a href="https://www.wionews.com/world/trump-20-cabinet-brendan-carr-to-be-chairperson-of-federal-communications-commission-776955">Also read: Trump 2.0 cabinet: Brendan Carr to be chairperson of Federal Communications Commission</a>

Financial industry veterans becoming treasury secretary is nothing new in the 'revolving door' of industry-government jobs of the US.&nbsp;

If Rowan is named by Trump and approved by Senate, he will have influence over the $24 trillion private equity market, said a report on Fortune magazine.

(With inputs from agencies)

Is a private equity billionaire going to be the treasury secretary of the US, one of the most important cabinet positions yet to be filled by incoming president Donald Trump?

Is a private equity billionaire going to be the treasury secretary of the US, one of the most important cabinet positions yet to be filled by incoming president Donald Trump? Marc Rowan, the CEO of Appolo Global Management Inc, is a top contender for the post that has massive implications for US financial and economic policy affecting the nation and rest of the world, according to various media reports. Watch: What Trump 2.0 Means For India | GRAVITAS × Rowan, 62, has gone to Florida from his base in Hong Kong, and is set to meet Trump on Wednesday (Nov 20) to make his case for the job, the Financial Times reported. According to the British newspaper, Rowan has the support of several Trump donors. Other top names for the job include hedge fund investor Scott Bessent, former Federal Reserve governor Kevin Warsh and Tennessee Senator Bill Hagerty. Trump will interview both Rowan and Warsh on Wednesday, Bloomberg news agency reported citing sources. Also read: Office for profit: How Trump's return will add to his wealth and raise ethical questions Trump tapped another billionaire, Howard Lutnick from the investment firm Cantor Fitzgerald, as commerce secretary on Tuesday. Rowan, a Wharton School of Business graduate, was part of the team that adviced Trump during the early stages of Covid pandemic that hit the US at the fag end of his first term. Rowan's investment firm Apollo Global Management has assets under management worth over $700 billion. According to a report in Times of Israel, Rowan was an ardent critic of antisemitism in US educational institutions in the wake of Gaza war after Israel was attacked by Hamas terroists last October. Also read: Trump 2.0 cabinet: Brendan Carr to be chairperson of Federal Communications Commission Financial industry veterans becoming treasury secretary is nothing new in the 'revolving door' of industry-government jobs of the US. If Rowan is named by Trump and approved by Senate, he will have influence over the $24 trillion private equity market, said a report on Fortune magazine. (With inputs from agencies)

Another billionaire in Team Trump 2.0? Marc Rowan a top contender for treasury secretary

US President Donald Trump is expected to announce his choice to lead the Federal Reserve on Thursday, a US official said Monday.

Trump said last week he had &#39;somebody very specific in mind. I think everybody will be very impressed.&#39;

He has not publicly ruled out re-nominating current Fed Chair Janet Yellen to a second four-year term, but US media have reported that Jerome Powell, a current Fed governor, is the likely candidate.

That would mark a change from tradition, as US presidents since the 1970s have always reappointed the central bank chief named by their predecessor as a signal of stability to markets.

But analysts say the decision puts Trump at cross purposes: Yellen has delivered a growing economy with low unemployment and low inflation but her vocal support for tough banking regulations runs counter to the White House position.

Trump has eagerly dismantled signature policies of the Obama administration, making Yellen, an Obama appointee, an enticing target.

Still, while two other known candidates, former Fed governor Kevin Warsh and Stanford Economist John Taylor, have support in some conservative circles, economists say in their hands US monetary policy would now be significantly tighter.

Trump has said he wanted &#39;to see rates stay low.&#39;

Current White House economic advisor Gary Cohn has also interviewed for the position but Trump may be reluctant to lose Cohn during what could be a hard-fought battle for sweeping tax cuts.

Trump also cooled on Cohn after the economist publicly criticized the president for his response to a deadly white nationalist rally in Charlottesville, Virginia in August.

Powell is the only holdover Republican currently sitting on the Federal Reserve Board and is seen a possible consensus candidate -- amenable to deregulation but unlikely to raise rates as quickly.

Trump said last week he had "somebody very specific in mind. I think everybody will be very impressed."

US President Donald Trump is expected to announce his choice to lead the Federal Reserve on Thursday, a US official said Monday. Trump said last week he had 'somebody very specific in mind. I think everybody will be very impressed.' He has not publicly ruled out re-nominating current Fed Chair Janet Yellen to a second four-year term, but US media have reported that Jerome Powell, a current Fed governor, is the likely candidate. That would mark a change from tradition, as US presidents since the 1970s have always reappointed the central bank chief named by their predecessor as a signal of stability to markets. But analysts say the decision puts Trump at cross purposes: Yellen has delivered a growing economy with low unemployment and low inflation but her vocal support for tough banking regulations runs counter to the White House position. Trump has eagerly dismantled signature policies of the Obama administration, making Yellen, an Obama appointee, an enticing target. Still, while two other known candidates, former Fed governor Kevin Warsh and Stanford Economist John Taylor, have support in some conservative circles, economists say in their hands US monetary policy would now be significantly tighter. Trump has said he wanted 'to see rates stay low.' Current White House economic advisor Gary Cohn has also interviewed for the position but Trump may be reluctant to lose Cohn during what could be a hard-fought battle for sweeping tax cuts. Trump also cooled on Cohn after the economist publicly criticized the president for his response to a deadly white nationalist rally in Charlottesville, Virginia in August. Powell is the only holdover Republican currently sitting on the Federal Reserve Board and is seen a possible consensus candidate -- amenable to deregulation but unlikely to raise rates as quickly.

Donald Trump to announce his choice to lead Federal reserve on Thursday

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