Donald Trump Swears In Kevin Warsh as Federal Reserve Chair, Replacing Jerome Powell

Kevin Warsh was sworn in as the 17th Chairman of the Federal Reserve at the White House on May 22, 2026, taking over from Jerome Powell, who had led the Fed for eight years.

“President Donald Trump led a ceremony swearing in Kevin Warsh as chair of the Federal Reserve, putting him in charge of a central bank that must navigate a tumultuous economy and a president with very specific expectations on interest rates”

CNBC

President Donald Trump officiated the ceremony and, in remarks at the event, said, "I want Kevin to be totally independent" and added, "Don't look at me, don't look at anybody."

CNBC

The Senate confirmed Warsh on May 13 in a 54-45 vote, with only one Democrat, Sen. John Fetterman, crossing the aisle to support the nomination.

Crypto-focused coverage highlighted that Warsh has publicly acknowledged Bitcoin as an "important asset" and that his personal financial ties to cryptocurrencies were disclosed during his confirmation process.

As the swearing-in took place, Fortune’s market snapshot put Bitcoin at $77,256 and noted that S&P 500 futures were up 0.2% while Brent crude was at $105 a barrel.

Despite Trump’s long push for lower borrowing costs, multiple outlets framed the early Warsh outlook as constrained by inflation and market pricing, with NBC News citing a consensus forming among economists that interest rates should not be lowered in the near future.

NBC News also quoted Fed governor Christopher Waller saying, "I can no longer rule out rate hikes further down the road if inflation does not abate soon," and added that Waller wanted the next Fed statement to make it clear that "a rate cut is no more likely in the future than a rate increase."

Cointelegraph

Politico reported that global bond yields were surging as the war in Iran pushed up inflation and made interest rate cuts look less and less likely, and it quoted Tim Duy saying, "There’s no space for rate cuts."

In the same coverage, Warsh pledged to pursue the Fed’s mandates of stable prices and maximum employment, saying, "When we pursue those aims with wisdom and clarity, independence and resolve, inflation can be lower," while Trump said he intended to be hands-off.

Cointelegraph added that nearly 68% of traders had priced in an interest rate hike of 25 basis points or more by December 2026, citing the Chicago Mercantile Exchange’s FedWatch tool.

Beyond rates, the sources tied Warsh’s agenda to Fed independence, balance-sheet reform, and how policy could affect markets and crypto risk appetite.

“Trump swears in Kevin Warsh as Federal Reserve chair, seeks rate cuts The new Fed chair, confirmed by the slimmest margin in history, brings a reform agenda and a notably crypto-friendly outlook to the most powerful economic post in the world”

Crypto Briefing

PANews described Warsh’s inauguration as breaking with tradition by holding the swearing-in ceremony at the White House and said Trump delivered a declaration of "independence": the government would fully support Warsh's work, and the Federal Reserve would make its own decisions.

CNBC reported that the optics of Trump’s involvement underscored how tightly the president would like to control the Fed, while also quoting Warsh’s post-oath statement that, "Our mandate at the Fed is to promote price stability and maximum employment."

Cointelegraph reported that in April, US lawmakers scrutinized Warsh’s commitment to preserving Federal Reserve independence and raised concerns about potential conflicts of interest involving the Trump family’s crypto businesses.

In the same Cointelegraph account, it warned that Bitcoin, crypto and stock investors could face several months of declining asset prices as uncertainty over interest rate policy grows, even as it noted that Warsh’s swearing-in remarks about tackling rising national debt through "growth" were met with skepticism.