Kevin Warsh will be sworn in as Federal Reserve chair by President Donald Trump on Friday during a ceremony at the White House, an official said.
Warsh will become the central bank's 17th leader and succeed Jerome Powell, who is serving in a temporary capacity after his official leadership term ended last week. A White House official confirmed the plans on condition of anonymity before it was formally announced.
The U.S. Senate confirmed Warsh earlier this month on a 54-45 vote, the slimmest confirmation margin ever for a Fed chair.
Warsh is set to take the helm at the central bank at a complex moment. The U.S. and Israeli war with Iran is stoking inflationary pressures, complicating the outlook for Fed policy, while Warsh's critics have raised concerns about whether he'll be sufficiently independent from the White House.
Trump has said he expects Warsh to deliver near-term rate cuts, and applied pressure on the Fed under Powell for not lowering borrowing costs quickly enough. Warsh during his Senate confirmation hearing pledged to act independently, but has also sharply criticized the central bank's performance in recent years.
The Wall Street Journal reported earlier on the swearing-in ceremony.
(Credit: Graeme Sloan/Bloomberg)
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