President Donald Trump swore in Kevin Warsh as the new Chair of the Federal Reserve on May 22, 2026, and he didn’t let the ceremony pass without taking a few shots at the institution’s prior leadership. Trump accused the previous Fed regime of losing its focus on the dual mandate, price stability and maximum employment, and blamed it for inflation levels he described as the worst in 40 to 48 years.
A hawk enters the building
Warsh is no stranger to the Fed. He served as a governor from 2006 to 2011 under President George W. Bush, a tenure that overlapped with the global financial crisis. His reputation as a monetary policy hawk, someone who prioritizes fighting inflation even if it means higher interest rates, is well established.
His path back to the central bank wasn’t exactly a coronation. Trump nominated Warsh on January 30, 2026, and the Senate confirmed him in mid-May with a narrow 54-45 vote.
Warsh has ties to Stanford University and the Hoover Institution, both known for producing economists who lean toward tighter monetary discipline.
