The new head of the Federal Reserve was sworn in at the White House and outlined the principles that will guide his management.
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In a ceremony held at the White House, Kevin Warsh officially took office this Friday as the new president of the Federal Reserve (FED) of the United States, in an event led by President Donald Trump, who emphasized the importance of the official acting with autonomy in the exercise of his position.
During the swearing-in event, Trump publicly expressed his expectations regarding the role Warsh will play at the helm of the U.S. central bank.
“I want Kevin to be totally independent. I want him to be independent and just do an excellent job. Don’t look at me. Don’t look at anyone. Just do your thing and do an excellent job,” the president stated, in a direct message to the new head of the agency.
Donald Trump and Kevin Warsh.
Warsh's appointment comes at a time when monetary policy occupies a central place in the economic agenda of the United States, particularly regarding inflation control and growth dynamics.
In this context, Trump also highlighted that the new Fed president shares the goal of containing rising prices, although he clarified that he does not seek to limit economic development. According to the president, Warsh does not intend to “halt greatness” as, he claimed, some of his predecessors in the role of “guardian of the dollar” may have tried to do.
For his part, Warsh outlined the principles that will guide his management at the Federal Reserve, emphasizing the fulfillment of the agency's dual mandate: to promote price stability and achieve full employment.
Kevin Warsh and Donald Trump.
“When we pursue these goals with wisdom, clarity, independence, and determination, inflation can be lower and growth more solid,” assured the new Fed head, marking the approach he aims to implement in his administration.
Additionally, Warsh referred to the country's economic outlook and the role the Federal Reserve can play in that scenario. “While I am aware of the challenges we face, believe me, Mr. President, these years can bring unprecedented prosperity that will elevate the standard of living for Americans from all walks of life, and the Federal Reserve has a lot to do with it,” he stated during his speech.
With his assumption now formalized, Warsh will quickly face his first test at the helm of the agency. The first monetary policy meeting under his leadership will take place on June 17, where the decision on interest rates in this new phase will be announced.
