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Warsh confirmed as Fed chair as central bank faces Trump assault

The Japan Times·No Author·19 days ago
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Kevin Warsh, U.S. President Donald Trump's nominee to be next chair of the Federal Reserve, at the end of a Senate Banking Committee confirmation hearing on Capitol Hill in Washington on April 21

Kevin Warsh, U.S. President Donald Trump's nominee to be next chair of the Federal Reserve, at the end of a Senate Banking Committee confirmation hearing on Capitol Hill in Washington on April 21 | REUTERS

WASHINGTON – The U.S. Senate on Wednesday confirmed Kevin Warsh as the new Federal Reserve chairman to lead a central bank whose independence is under attack and with inflation at a three-year high.

The Senate voted 54 to 45 in favor of Warsh, with Republicans holding a slim majority and ensuring U.S. President Donald Trump’s nominee to replace Jerome Powell was confirmed.

Once known as a monetary “hawk” against inflation, Warsh has shifted in line with Trump’s push for lower interest rates that has posed an unprecedented challenge to the Fed’s independence.

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