The Warsh era begins, U.S. strikes Iran, summer travel's record cost and more in Morning Squawk
Kevin Warsh has been sworn in as the new chair of the Federal Reserve, marking a significant moment as he is the first to do so at the White House since 1987. President Trump emphasized the importance of Warsh's independence while also expressing his hopes for a quick reduction in interest rates. Analysts are curious about how Warsh's leadership will reshape the Fed's approach to financial markets and its intervention strategies.
- ▪Kevin Warsh was sworn in as chair of the Federal Reserve on Friday.
- ▪He is the first Fed chair to be sworn in at the White House since 1987.
- ▪President Trump expressed a desire for Warsh to operate independently while also anticipating a quick drop in interest rates.
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Kevin Warsh was officially sworn in as chair of the Federal Reserve on Friday. He is the first Fed chair to be sworn in at the White House since 1987.Trump said in remarks at the event that he wants Warsh to be "totally independent," telling the central bank's new leader to "just do your own thing." But at a campaign-style rally later the same day, Trump said he expects interest rates to come down "very quickly."As CNBC's Jeff Cox notes, Fed watchers are wondering what Warsh's promise for "regime change" at the Fed will look like. Some expect he will have the Fed take a smaller position in financial markets and set clearer rules on when the central bank should step in.
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