Kevin Warsh sworn in as Fed chair as Trump faces backlash over economy

Kevin Warsh was sworn in as chair of the US Federal Reserve, succeeding Jerome Powell. Warsh was selected by Donald Trump and is expected to lead the central bank under extraordinary pressure to cut interest rates while prices remain high. Powell previously warned about inflationary risks tied to Trump’s agenda and faced attacks for refusing to lower rates. Warsh pledged a reform-oriented approach, aiming for lower inflation, stronger growth, higher real take-home pay, and greater prosperity. Public dissatisfaction is rising, with a poll showing many Americans believe Trump prioritizes immigration enforcement over economic wellbeing. Fuel prices are at their highest levels in years, and respondents link economic concerns to the administration’s focus on deportations rather than affordability amid the Iran war.

"Kevin Warsh has been sworn in as chair of the US Federal Reserve, tasked with steering the world's largest economy as the Trump administration faces mounting pressure over Americans' financial wellbeing. Warsh, handpicked by Donald Trump, takes charge of the powerful central bank as it comes under extraordinary pressure from the US president to cut interest rates, even as prices climb."

"Warsh pledged to lead a reform-oriented Federal Reserve, adding: Inflation can be lower, growth stronger, real take-home pay higher, and America can be more prosperous, and no less important."

"Powell, who repeatedly warned over the inflationary risks of Trump's agenda, and whom the president vehemently attacked for his refusal to cut rates. (Powell was once handpicked by Trump, too.) I expect he will go down as one of the truly great chairmen as the Federal Reserve that we've ever had, Trump declared of Warsh during a ceremony at the White House on Friday morning."

"With millions of Americans set to hit the road over Memorial Day weekend, and US fuel prices at their highest levels in years, 68% of Americans believe Trump is prioritizing his controversial immigration crackdown at the expense of their economic wellbeing, according to a new poll. US fuel prices since January 2025 Amid growing discontent about the economic costs of his decision to go to war with Iran, 68% of respondents said Trump's administration is too focused on mass deportations and not enough on affordability issues."

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