Fed Chair Kevin Warsh Just Subtly Threw President Donald Trump and Jerome Powell Under the Bus in His First FOMC Meeting
New Federal Reserve Chair Kevin Warsh held his first FOMC meeting on June 17, where the central bank kept its benchmark rate unchanged. Warsh has committed to delivering "price stability" while acknowledging the Fed cannot significantly impact specific prices for groceries and gas. He is implementing a "quiet revolution" through task forces designed to rethink Fed operations.
What changed
Kevin Warsh has officially begun his tenure as Fed Chair and presided over his first interest rate decision.
Live updates
-
Kevin Warsh Leads First FOMC Meeting as Fed Chair
confidence 80%New Federal Reserve Chair Kevin Warsh held his first FOMC meeting on June 17, where the central bank kept its benchmark rate unchanged. Warsh has committed to delivering "price stability" while acknowledging the Fed cannot significantly impact specific prices for groceries and gas. He is implementing a "quiet revolution" through task forces designed to rethink Fed operations.
What's confirmed:
- The Federal Reserve left its benchmark rate unchanged on June 17 during Kevin Warsh's first meeting as chair.
- Kevin Warsh has established task forces to rethink nearly every operation at the Federal Reserve.
- Warsh stated the Fed cannot have "a very significant effect on particular prices" for items such as gas and groceries.
- The new Fed chair intends to focus on elevated inflation and its primary causes.
Still unconfirmed:
- Kevin Warsh subtly criticized President Donald Trump and Jerome Powell during his first FOMC meeting.
- A quieter Federal Reserve under Warsh could lead to higher rates and volatile markets.
- President Donald Trump has criticized Kevin Warsh.