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Price spikes because of the war in Iran and internal divisions on the central bank will make it difficult for the incoming Fed chair to cut interest rates quickly.
Kevin Warsh, nominee for Federal Reserve chair, testifies during his confirmation hearing before the Senate Banking Committee on Capitol Hill in Washington, on April 21, 2026. | Francis Chung/POLITICO
Donald Trump is finally getting his new Federal Reserve chief, after more than a year of frustration with Chair Jerome Powell.
But the president still probably won’t secure the one thing he wants most — quick interest rate cuts.
