Despite President Donald Trump's demands for lower interest rates, markets are betting the Fed will stay on hold through most, if not all, of 2026.

Never before has a chair of the US Federal Reserve been so controversial. Who is Kevin Warsh? Can he preserve the Fed's independence, or will he become Donald Trump's puppet?

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…