Trump Holds White House Swearing-In for New Fed Chair
SkimNews Take
The formality of a White House swearing-in for a Fed chair, typically an internal affair, signals a shift in the perceived locus of power over monetary policy.
Get the Geopolitics newsletter
Daily geopolitics — wars, elections, sanctions, the diplomatic moves that move markets. Free.
- President Trump held the swearing‑in ceremony for Kevin Warsh as Federal Reserve chair in the White House East Room, a rare departure from the Fed’s usual venue.
- Trump said he wants Warsh to be “totally independent” but also urged him to help stimulate the economy and consider lower interest rates.
- Trump had previously criticized Jerome Powell for being reluctant to cut rates and had the DOJ investigate Powell and the Fed’s building renovations, a probe later dropped.
- The ongoing Iran war has driven gas prices up and heightened inflation worries, fueling doubts about whether Warsh will follow Trump’s calls for rate cuts.
- Justice Clarence Thomas administered the oath, with Speaker Mike Johnson, Justice Brett Kavanaugh, CIA Director John Ratcliffe, and other cabinet members in attendance.
Why it matters: Financial markets gain a potential policy shift as the first White House Fed chair swearing‑in since 1987 signals political influence, while the Fed’s independence loses credibility, raising borrowing‑cost risk for borrowers.
