New Fed Chair Kevin Warsh Keeps Interest Rates Steady
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Federal Reserve Chair Kevin Warsh pledged to restore inflation to 2%, signaling a tougher stance that has markets increasingly pricing in rate hikes.
The Federal Open Market Committee (FOMC) held rates steady at the first meeting chaired by Kevin Warsh.
Tom Barkin, who’s led the Federal Reserve Bank’s Fifth District since 2018, this week will attend his first interest-rate meeting with Kevin Warsh at the helm of the powerful central bank.
Donald Trump’s pick for Fed Chair spurned him in his first meeting since taking the job, declining to cut interest rates despite pressure from the president to do so. The president appeared baffled after learning of Chairman Kevin Warsh’s decision to keep rates unchanged in his first rate-setting meeting as the central bank’s leader.