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As the Kevin Warsh era begins at the central bank, rising bond yields have greatly weakened the case for lower borrowing costs.
Chair of the Federal Reserve Kevin Warsh, left, and U.S. President Donald Trump arrive to Warsh's swearing-in ceremony in the East Room of the White House on May 22, 2026, in Washington, D.C. | Anna Moneymaker/Getty Images
President Donald Trump tapped Kevin Warsh as his Federal Reserve chair in the hopes of finally securing the lower borrowing costs he has longed for.
The bond market might overrule both of them.
