WASHINGTON, United States – Kevin Warsh has officially been sworn in as the new chairman of the United States Federal Reserve, taking over from Jerome Powell at a time of mounting political pressure and rising inflation across the American economy.
Okay News reports that Warsh, a former Federal Reserve governor, took the oath of office on Friday after a sharply divided Senate confirmation process. Most Democrats opposed his nomination, accusing him of being too closely aligned with President Donald Trump, although Democratic Senator John Fetterman voted in support of advancing the nomination.
During the swearing-in ceremony, President Donald Trump publicly urged Warsh to remain independent despite criticism that the White House wanted a Federal Reserve chief willing to aggressively cut interest rates.
“I want Kevin to be totally independent and do a great job,” Trump said. “Don’t look at me and don’t look at anybody. Just do your own job.”
The Federal Reserve, which controls interest rates and monetary policy in the world’s largest economy, is currently facing growing pressure as inflation continues to rise across the United States.
According to recent government figures, consumer prices increased by 3.8 percent over the past year, marking the highest annual inflation level in three years. Energy costs have also surged sharply following the conflict involving Iran, pushing petrol prices in the US to an average of $4.56 per gallon.
Warsh acknowledged the economic difficulties shortly after taking office, saying he understands the seriousness of inflation concerns
