PETER NAVARRO: Powell’s shadow Fed majority could threaten jobs, housing and growth
Peter Navarro expresses concern over the potential influence of former Fed Chair Jerome Powell on the newly appointed Chair Kevin Warsh. He argues that Powell's lingering presence could lead to detrimental rate hikes in response to an oil-price shock. Navarro warns that such actions could harm jobs, housing, and overall economic growth.
- ▪Kevin Warsh has been confirmed as the new Federal Reserve Chair, replacing Jerome Powell.
- ▪Powell's refusal to leave the Fed Board of Governors may allow him to exert influence over Warsh.
- ▪Navarro believes that rate hikes in response to an oil shock would worsen economic conditions.
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Opinion PETER NAVARRO: Powell’s shadow Fed majority could threaten jobs, housing and growth Jay Powell lost the chairmanship. He may still control the reaction function By Peter Navarro Fox News Published May 24, 2026 5:00am EDT Facebook Twitter Threads Flipboard Comments Print Email Add Fox News on Google close Video WATCH LIVE: Trump swears in Kevin Warsh as new Fed chair Kevin Warsh was confirmed by the Senate to replace outgoing chairman of the Federal Reserve Jerome Powell. NEWYou can now listen to Fox News articles! Kevin Warsh has now been sworn in as the new Federal Reserve Chair. Outgoing Chair Jerome Powell has refused to leave the Fed Board of Governors, breaking with the modern custom that departing Fed chairs leave the Board rather than linger as rival power centers.
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