{"id":623,"date":"2026-05-22T13:40:07","date_gmt":"2026-05-22T13:40:07","guid":{"rendered":"https:\/\/arizonamovinginsider.com\/?p=623"},"modified":"2026-05-22T13:40:07","modified_gmt":"2026-05-22T13:40:07","slug":"kevin-warsh-to-be-sworn-in-as-fed-chair-replacing-jerome-powell","status":"publish","type":"post","link":"https:\/\/arizonamovinginsider.com\/?p=623","title":{"rendered":"Kevin Warsh to be sworn in as Fed chair, replacing Jerome Powell"},"content":{"rendered":"<div>\n<div>\n<div>\n<p>The Federal Reserve will have a new chair Friday when Kevin Warsh is sworn in, over a week after his Senate confirmation, replacing Jerome Powell.<\/p>\n<p>Read more <a href=\"https:\/\/arizonamovinginsider.com\/?p=621\">Memorial Day weekend brings deep discounts on appliances, furniture, and more<\/a><\/p>\n<p>Powell will remain on the Federal Reserve Board as a member \u2014 a rare move for outgoing chairs. His board term runs until 2028.<\/p>\n<p>Warsh\u2019s confirmation was less bipartisan than typical for incoming Fed chairs. He was confirmed 54-45, with only one Democrat voting in favor. By contrast, Powell\u2019s 2018 confirmation as chair under President Donald Trump passed 84-13.<\/p>\n<p>Powell\u2019s tenure ended amid tensions with Trump, who repeatedly urged Powell and other board members to lower interest rates.<\/p>\n<p><b>RELATED STORY | <\/b><b>What will Kevin Warsh taking over at the Federal Reserve mean for consumers?<\/b><\/p>\n<p>The Fed\u2019s key role is setting the federal funds rate, which influences the rates banks charge each other for overnight loans and indirectly affects borrowing costs for mortgages, auto loans, credit cards, and businesses.<\/p>\n<p>Read more <a href=\"https:\/\/arizonamovinginsider.com\/?p=619\">Turning Cactus League stadiums into year-round sports tourism drivers<\/a><\/p>\n<p>Low rates generally spur growth, but policymakers caution that keeping rates too low for too long can fuel inflation. After U.S. inflation topped 9% in 2022, the Fed raised rates to their highest levels in decades. Inflation fel to below 3%, though higher borrowing costs have slowed credit access and job growth. Since the Iran War began, inflation has crept over 3%, likely putting an end to any additional rate cuts for the foreseeable future. Powell has said the Fed\u2019s aim is to balance low inflation with continued job gains.<\/p>\n<p><b>RELATED STORY | <\/b><b>Senate confirms Trump\u2019s pick to replace Jerome Powell as Federal Reserve chair<\/b><\/p>\n<p>Warsh, appointed to the board in 2006 by President George W. Bush, served as liaison to Wall Street during the 2008 financial crisis as the Fed implemented emergency liquidity programs for banks hit by subprime mortgage losses.<\/p>\n<p>Before joining the board, Warsh was an economic adviser to Bush and executive secretary of the National Economic Council. More recently, he was a distinguished visiting fellow at Stanford University\u2019s Hoover Institution and a vocal critic of Powell\u2019s leadership at the Fed.<\/p>\n<p>Read more <a href=\"https:\/\/arizonamovinginsider.com\/?p=617\">\u2018Good signs\u2019 in Iran negotiations \u2014 but US weighing backup plans<\/a><\/p>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Kevin Warsh will be sworn in as Fed chair Friday, replacing Jerome Powell, whose tenure saw rate hikes to fight inflation and clashes with Trump.<\/p>\n","protected":false},"author":1,"featured_media":622,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[],"class_list":["post-623","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national-politics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Kevin Warsh to be sworn in as Fed chair, replacing Jerome Powell - 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