Trump: Former Fed Governor Warsh to be Next Fed Chair

SECAUCUS, NJ (DTN) – U.S. President Donald Trump announced on Friday (1/31) that he has picked former Federal Reserve governor Kevin Warsh to be the next chairman of the Federal Reserve.

“I have known Kevin for a long period of time, and have no doubt that he will go down as one of the GREAT Fed Chairmen, maybe the best,” Trump wrote on his Truth Social media platform.

Warsh — a visiting economics fellow at the Hoover Institution and lecturer at the Stanford Graduate School of Business — succeeds incumbent Fed chair Jerome Powell, whose term ends in May.

He served as Fed governor under President George W. Bush between 2006 until 2011. 

Warsh comes to the Fed at a particularly challenging time for the central bank, which has had to navigate between a soft labor market and higher-than-preferred inflation in deciding interest rates. In its most recent decision on Wednesday (1/28), the Fed left rates unchanged in a range of between 3.5% and 3.75%.