A White House official said that the US President Donald Trump will swear in Kevin Warsh as the next Fed Chairman on Friday, May 22nd, at the White House.
Last week, Warsh was voted by the US Senate to succeed the current temporary Federal Reserve Chairman Jerome Powell, for a four-year period, beginning this Friday
Warsh will face a tough economic environment and political pressure from Trump, who, since the beginning of his second presidency, has pushed for lowering interest rates, even though the disinflation process has reversed course, according to the latest data. Last week, the US CPI rose by 3.7% YoY, and the PPI increased by 6%. Therefore, money markets had priced in no interest rate cuts; instead, they’re expecting a rate hike towards the end of the year, according to LSEG data.
Worth noting that Fox Business broke the news regarding the timing for the swearing-in ceremony, which will take place at the White House. Fed FAQs Monetary policy in the US is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability and foster full employment.