Trump to swear in Warsh as Fed chair on Friday

Investing.com -- President Donald Trump will swear in Kevin Warsh as Federal Reserve chair on Friday during a White House ceremony, according to an official who spoke on condition of anonymity.

Warsh will become the central bank's 17th leader, succeeding Jerome Powell, who has been serving in a temporary capacity since his official leadership term ended last week.

The US Senate confirmed Warsh earlier this month on a 54-45 vote, marking the slimmest confirmation margin ever for a Fed chair.

Warsh will assume leadership of the central bank during a challenging period. The US and Israeli war with Iran is creating inflationary pressures that complicate the outlook for Fed policy. Critics have questioned whether Warsh will maintain sufficient independence from the White House.

Trump has stated he expects Warsh to deliver near-term rate cuts and previously pressured the Fed under Powell for not lowering borrowing costs quickly enough. During his Senate confirmation hearing, Warsh pledged to act independently while also criticizing the central bank's recent performance.

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