KEVIN WARSH SWORN IN AS FEDERAL RESERVE CHAIR IN WHITE HOUSE CEREMONY

President Trump presided over a White House ceremony on May 22, 2026, swearing in Kevin Warsh as the new Chair of the Federal Reserve. The ceremony marked the first time a Fed Chair had been sworn in at the White House since Alan Greenspan in 1987 — a pointed symbolic choice that underscored the Trump administration's desire for close alignment between the executive branch and the central bank.

Warsh, a former Federal Reserve governor and Wall Street veteran, was confirmed by the Senate in the closest confirmation vote in the institution's history, a 54-45 vote largely along party lines. He takes over from Jerome Powell, whose term as chair expired on May 15.

The new Fed Chair inherits a challenging economic environment. Inflation remains elevated, driven in part by tariffs on imported goods that the administration has implemented since taking office. Bond markets have reacted with unease to the combination of fiscal expansion and trade disruption, with the 10-year Treasury yield near annual highs. Trump has been vocal about his expectations for interest rate cuts, creating the prospect of friction between the White House and the institution Warsh now leads.

Warsh has historically favoured tighter monetary policy, though market participants are watching closely to see how he balances his own views against the political dynamics surrounding the Fed's independence.

May 23, 2026

Source: CNBC