The Senate confirmed Kevin Warsh as Federal Reserve chair in a 54-45 vote, the
narrowest confirmation margin for a Fed leader on record. The vote came amid
concerns over persistent inflation and political pressure from President Donald
Trump for lower interest rates. Warsh, who will succeed Jerome Powell on Friday,
pledged to preserve the Fed’s monetary policy independence during his
confirmation hearing. The confirmation followed stronger-than-expected April
producer inflation data and growing debate inside the Fed over whether future
rate moves could include hikes as well as cuts.
