Kevin Warsh, whose broad criticism of current US Federal Reserve officials, playbook for rate cuts and ties to President Donald Trump elevated him past other contenders to lead the central bank, was sworn in as Fed leader on Friday at a pivotal moment for monetary policy and the American economy. Warsh, wearing a dark suit and tie and accompanied by his wife, Jane Lauder, heiress to the Estee Lauder fortune, was sworn in by Supreme Court Justice Clarence Thomas after a lengthy introduction by...
Warsh will lead the central bank at a time when its independence has come under scrutiny amid political pressure.
SJM chief says RBI should support the rupee and not let it cross the psychologically significant ₹100 per dollar mark; warns that further depreciation will hurt India’s global standing; recommends protectionism
The US Senate on Wednesday confirmed Kevin Warsh as the new Federal Reserve chairman to lead a central bank whose independence is under attack and with inflation at a three-year high. The Senate voted 54 to 45 to in favour of Warsh, with Republicans holding a slim majority and ensuring US President Donald Trump’s nominee to replace Jerome Powell was confirmed. Once known as a monetary “hawk” against inflation, Warsh has shifted in line with Trump’s push for lower interest rates that has posed an...
In an extraordinary break from the diplomatic restraint typical of central banks, a dozen leaders of the world’s foremost monetary institutions issued a joint statement in January declaring their “full solidarity” with the US Federal Reserve and its embattled chair, Jerome Powell. “The independence of central banks is a cornerstone of price, financial and economic stability in the interest of the citizens that we serve,” they wrote. The move was intended to shore up the separation of monetary...