US President Donald Trump expressed confidence in Federal Reserve Chairman Kevin Warsh, a departure from his past criticisms of the central bank. While the Fed kept rates steady, with some policymakers hinting at future hikes, Trump indicated he trusts Warsh's judgment. Warsh, meanwhile, maintained a cautious stance on future rate movements and confirmed regular contact with the Treasury Secretary.

The new Fed chair is on a political honeymoon with a U.S. president who has been the Fed's biggest opponent.

New Fed Chair Kevin Warsh faces pressure from Trump for lower rates while inflation sits at 3.8%. Here's what his hawkish stance means for crypto markets.