Kevin Warsh sworn in as Fed chair amid AI and inflation challenges

On Friday, Kevin Warsh was officially inaugurated as the chair of the Federal Reserve at the White House, assuming leadership of the U.S. central bank amid economic instability stemming from the AI surge, fluctuations in oil prices, and trade tariffs. A critic of the Fed's former management and an ally of Trump, Warsh was introduced by President Donald Trump and sworn in by Supreme Court Justice Clarence Thomas. His wife, Jane Lauder, an heiress to the Estee Lauder fortune, was present at the event, which also included prominent figures like Treasury Secretary Scott Bessent and former Secretary of State Condoleezza Rice. Trump expressed his full support for Warsh, emphasizing the need for independence while warning that "growth does not mean inflation." Warsh committed to steering a "reform-oriented Federal Reserve," aiming to learn from past experiences while maintaining high standards of integrity and performance.