Incoming Federal Reserve chair Kevin Warsh will be sworn in at the White House on Friday, taking the reins of the US central bank as it faces unprecedented pressure from President Donald Trump to cut interest rates.Warsh, who Trump nominated for the role, has backed rate cuts in the past, even as the world's largest economy faces inflation at a three-year high.
Trump frequently criticized and insulted Warsh's predecessor, Jerome Powell, even pursuing a criminal probe that the outgoing chair said was meant to pressure the Fed over monetary policy decision-making.
The White House has separately sought to fire Fed Governor Lisa Cook, a Biden Administration appointee, over mortgage fraud allegations. That case is pending before the Supreme Court.
It is unusual for the chief of the Fed -- an independent non-partisan body that sets monetary policy according to a dual mandate on inflation and employment -- to be sworn in at the White House.
The last central bank chief to do so was Alan Greenspan in 1987 under then-president Ronald Reagan.
