Senate Confirms Kevin Warsh as Federal Reserve Chair 54-45

The Senate confirmed President Donald Trump’s pick Kevin Warsh as chair of the Federal Reserve in a 54-45 vote, the narrowest margin recorded for a Fed chair. Senators had first approved Warsh’s 14-year term as a Federal Reserve governor, clearing the way for the concurrent chair vote.

The vote awards Warsh a four-year term as Fed chair. He previously served on the Fed’s Board of Governors from 2006 to 2011. He must be sworn into both posts after the White House completes final paperwork the Senate forwarded. Jerome Powell’s term as chair ends Friday; Warsh is scheduled to preside at the Federal Open Market Committee meeting on June 16 and 17.

Warsh takes charge of a central bank under public pressure from President Donald Trump to cut interest rates, and after repeated criticism of Powell. At his confirmation hearing, Warsh pledged to keep monetary policy “strictly independent.”

Recent inflation readings have been stronger than expected. Headline U.S. consumer prices rose 3.8% year over year in April, the highest annual reading since May 2023, while producer prices increased 6% over the same period. Those figures have led market participants to revise the expected timing of rate cuts and consider further policy actions.

Goldman Sachs moved its forecast for the Fed’s first rate cut to December 2026, citing persistent inflation. Investment manager Pimco also flagged the possibility of an additional rate increase. Warsh’s vote at the June FOMC meeting will be watched for early signals about his policy preferences.

Senators completed the governor confirmation first as a procedural step that permitted the chair vote. With the 54-45 tally, Warsh’s confirmation is the closest margin for a Fed chair in Senate history. He will assume full authority only after the swearing-in formalities are finished.