Kevin Warsh just held his first press conference as Federal Reserve Chair. He kept interest rates unchanged, spoke carefully about economic conditions, and then did something that got far more attention than any rate decision: he refused to confirm or deny whether he’s spoken with President Trump since taking the job.
What happened at the press conference
Warsh took over as Fed Chair on May 13, 2026, after the Senate confirmed him to succeed Jerome Powell. His first press conference came on June 17, 2026, and the most notable policy action was, well, inaction. Rates stayed put.
But the real story was what Warsh wouldn’t say. When pressed on whether he’d communicated with Trump since assuming the chair, Warsh simply declined to engage. No confirmation, no denial.
This matters because Warsh had been more forthcoming during his Senate Banking Committee hearing on April 21, 2026. At that hearing, he stated clearly that he had made no pre-arranged agreements with Trump regarding interest rates. He emphasized his intention to preserve the Federal Reserve’s autonomy from political influence.
