US Senate confirms Kevin Warsh to Federal Reserve Board, paving way for chair role
The US Senate confirmed Kevin Warsh as a Federal Reserve governor on Tuesday, setting the stage for him to become chair later this week. The 51-45 vote largely followed party lines. Warsh will take over from Jerome Powell, whose term ends this week. President Donald Trump has frequently criticized Powell for not lowering interest rates fast enough. The confirmation comes as US consumer inflation hit a three-year high of 3.8% in April, driven by energy and food price increases. Warsh supports lower interest rates despite inflation exceeding the Fed's 2% target for years. The labor market shows weakness, with unemployment steady but job growth fluctuating.
Key facts
- Kevin Warsh confirmed as Federal Reserve governor by US Senate on Tuesday
- Senate voted 51-45 largely along party lines
- Warsh to take over as Fed chair from Jerome Powell later this week
- Powell's term ends at the end of this week
- President Donald Trump has criticized Powell for not lowering rates faster
- US consumer inflation at 3.8% in April, highest year-on-year since 2023
- Energy and food prices drove inflation increase
- Warsh backs lower interest rates despite inflation above 2% target
Entities
Institutions
- US Senate
- Federal Reserve Board
- Federal Reserve
- Senate Banking Committee
- Trump administration
Locations
- United States
Sources
- SCMP Culture —
- Quartz —