Kevin Warsh confirmed as new Fed head amid rising inflation
Kevin Warsh has been confirmed as the new head of the Federal Reserve, replacing Jerome Powell.
Warsh takes over at a time when the S&P 500 and Nasdaq are at record highs, but inflation is on the rise.
The Consumer Price Index saw a 3.8% jump in April, its biggest increase since 2023, while the wholesale index rose 6% last month.
Warsh, a former Fed governor, has advocated for lower rates and may face pressure to cut them despite rising inflation.