‘I Want Him Totally Independent’: Trump Swears In Kevin Warsh as New Fed Chair, Urges Rate Cuts and Economic Boom
US President Donald Trump on Friday participated in the swearing-in ceremony of Kevin Warsh as the new Federal Reserve Chairman, declaring he wants Warsh to operate with full independence even as he urged the central bank to let the economy “boom.”
“Honestly, I really mean this, this is not said in any other way. I want Kevin to be totally independent,” Trump said. “I want him to be independent and just do a great job. Don’t look at me, don’t look at anybody, just do your own thing, and do a great job.”
A Pointed Break From the Powell Era
Trump, who nominated Warsh for the position, has repeatedly pressured the Federal Reserve to lower interest rates and publicly criticised his predecessor, Jerome Powell, on multiple occasions. Friday’s ceremony, however, saw Trump frame Warsh’s appointment as a reset both in leadership and in the Fed’s sense of purpose.
Trump argued the central bank had strayed from its core economic mandate in recent years, veering into policy territory he believes falls outside its remit.
“In the eyes of many, the Fed lost its way in recent years. It became distracted by concerns far removed from its core mission and mandate, drifting into matters such as climate policy and DEI initiatives,” he said.
Blaming Inflation on the Previous Administration
Trump also used the occasion to lay responsibility for recent inflation squarely at the feet of the Biden administration and the Fed’s prior policy direction.
“With the Fed straying from its mandate, while the last administration blew out the deficit, Americans suffered the worst inflation that we had in history. It was the worst inflation we’ve ever had,” he said.
‘Let It Boom’
Praising Warsh’s economic outlook, Trump signalled his expectations for the road ahead growth without restraint.
“Kevin understands that when the economy is booming, that’s a good thing. We want to stop inflation, but we don’t want to stop greatness,” Trump said. “We have to go crazy, just let it boom. We want it to boom.”