Kevin Warsh Appointed as Fed Chair, Trump Claims He Will Not Intervene

US President Donald Trump attended the inauguration of Kevin Warsh as the new Chair of the Federal Reserve at the White House on Friday, 22 May 2026. The ceremony took place in the East Room, a departure from the usual practice of inaugurating the Fed chair at the Federal Reserve’s headquarters. The venue choice again raised questions about the independence of the Federal Reserve under Trump’s administration. Trump said he wanted Warsh to help sustain momentum in the US economy, but he also stressed that the Fed must operate independently. ‘Fortunately, unlike some of his predecessors, Kevin understands that when the economy is booming, that is a good thing,’ Trump said. ‘Let it be. We want the economy to grow rapidly,’ he added. Warsh succeeds Jerome Powell, whose term as Fed Chair ended last weekend. Powell remains temporarily a member of the Fed’s Board of Governors. Trump had for months criticised Powell for hesitating to cut rates, arguing that lower borrowing costs could provide added support to the US economy. But the current conditions are not simple. The Iran conflict has pushed petrol prices higher. The conflict has unsettled financial markets and sparked inflation concerns. This situation has led markets to doubt whether Warsh would immediately follow Trump’s desire to cut rates. Trump reaffirmed his belief in Warsh. ‘I hope he will be remembered as one of the truly great Federal Reserve chairs we have had,’ he said. Several senior officials attended the event, including House Speaker Mike Johnson, Supreme Court Justice Brett Kavanaugh, CIA Director John Ratcliffe, and members of the Trump Cabinet. Inaugurating the Fed chair at the White House is not new: Ronald Reagan appointed Alan Greenspan to the White House in 1987. However, the venue choice was sensitive, as Trump has repeatedly pressed the Fed to cut rates. The US Department of Justice under Trump also briefly opened an inquiry into Powell regarding the renovation of the Fed building. The inquiry was halted after strong criticism from lawmakers. Trump sought to dismiss such concerns. ‘Honestly, I am truly serious. There’s no other way to say this: I want Kevin to be truly independent,’ Trump said. ‘I want him to be independent and do a great job,’ he added. ‘Don’t look at me, don’t look at anyone. Just mind your own business,’ Trump concluded.