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The U.S. Federal Reserve kept its key interest rate unchanged at its first policy meeting chaired by new President Kevin Warsh. The decision reflects caution amid inflation pressures and labor market uncertainties. Chair Warsh pledged to continue evaluating economic data before any rate changes.
Kevin Warsh was sworn in Friday as the new Federal Reserve chair, succeeding Jerome Powell after a party-line Senate vote. He takes office amid rising inflation and political pressure from the White House to cut interest rates.
The U.S. Senate has confirmed Kevin Warsh as Federal Reserve Chair, a move that has sparked debate over the central bank's independence. The confirmation, which saw bipartisan support from Senator John Fetterman, comes amid rising inflation and political pressure from the Trump administration.
The U.S. Senate confirmed Kevin Warsh to the Federal Reserve Board by a 51-45 vote on Tuesday. The vote paves the way for a subsequent ballot on his appointment as Fed chair.
The US Senate Banking Committee voted along party lines on April 30 to approve Kevin Warsh as Fed Chair nominee. The full Senate will vote on confirmation as early as May 11, replacing Jerome Powell whose term ends May 15.
