May 13, 2026
You’re looking at the newly confirmed chairman of the Federal Reserve.
The Senate voted to confirm Kevin Warsh a short time ago. The final vote was 54 to 45, with one senator not voting. The only Democrat to support Warsh was Senator John Fetterman of Pennsylvania.
No matter how you cut it, Warsh has his work cut out for him. The U.S. economy is facing some big problems. I’ve been telling you over the last few days about some very concerning inflation reports. The fact is inflation is going in the absolute wrong direction. Typically, when inflation is going up, the Federal Reserve raises interest rates. But we all know that President Trump wants the Federal Reserve to cut interest rates.
During his confirmation hearing, Warsh said he too was open to the idea of cutting interest rates, but that was before this week’s troubling inflation reports. So what will he do? Will he follow Trump’s lead and cut rates, or will he hold them steady or maybe even increase them to try and stop the bleeding?
I just talked to the president of the Federal Reserve Bank of Chicago about Warsh and whether the Federal Reserve can stay independent under his leadership.
Now, I had a very interesting conversation with Austan Goolsbee about what he expects from the Federal Reserve, this economy, whether we can trust the data coming out of the administration, and what the Fed’s next move could be.
Senate vote on Warsh here.
