Kevin Warsh sworn in as Federal Reserve chair
Warsh becomes the 17th chair of the Federal Reserve
By Eric Revell FOXBusiness
Kevin Warsh was sworn in as the new chair of the Federal Reserve by Supreme Court Justice Clarence Thomas in a ceremony at the White House on Friday.
The 56-year-old Warsh previously served at the Fed as a member of its Board of Governors from 2006 to 2011, and became the youngest-ever Fed governor having been nominated at the age of 35. Trump nominated Warsh to the role in January, and he was confirmed by the Senate last week on a 54-45 vote.
Warsh steps into the top role at the nation's central bank at a pivotal time, with inflation rising due to an energy price shock caused by the Iran war and markets viewing the prospect of interest rate cuts as increasingly unlikely in the near term.
He replaces former Fed Chair Jerome Powell, whose term as chairman expired earlier this month. Powell has indicated he will continue to serve as a member of the Fed Board of Governors for the foreseeable future, as his term in that capacity runs until January 2028.
Powell has said that he won't be "shadow Fed chair" and will seek to build consensus with Warsh and the other members of the Federal Open Market Committee, which sets monetary policy, when it's possible to do so.
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