Kevin Warsh, nominee for US Federal Reserve Chair, testifies during a Senate Banking Committee hearing on his nomination on Capitol Hill in Washington, DC, on April 21, 2026. Mandel Ngan | Afp | Getty ImagesKevin Warsh was confirmed Wednesday as the next Federal Reserve chair, taking over the central bank at a time when President Donald Trump is pushing for lower interest rates even as fresh inflation data complicates the case for cuts.In the most divisive vote ever for a Fed chair, Warsh, 56, won confirmation to take over for Jerome Powell, who has served in the top leadership position since 2018 and whose term will expire Friday.The Senate voted 54-45 to confirm Warsh, ending a monthslong saga that began in the summer of 2025 and included an extensive search for Powell’s successor. The vote was almost completely along party lines, with only Pennsylvania Democrat Sen. John Fetterman crossing over to vote for Warsh.Trump has made no secret that he expects Warsh to lower rates after having lashed out repeatedly at Powell for monetary policy the president has felt was too restrictive. Warsh was part of a derby that included nearly a dozen candidates at one point, including current Governors Christopher Waller and Michelle Bowman.[embedded content]The confirmation comes, however, following separate reports this week showing inflation well above the Fed’s 2% target and pipeline pressures accelerating at their highest levels in more than three years. Markets have been scaling back expectations for rate cuts are even pricing in a chance of an increase later this year.Rep. French Hill, R-Ariz., praised the Fed’s decision and Warsh’s inflation-fighting credentials.”Chairman Warsh has repeatedly emphasized the im …
