Tough news for Kevin Warsh in first full week as Fed chairman
Kevin Warsh's first week as Federal Reserve Chairman has been marked by challenging economic reports. Rising inflation and a revised GDP growth rate present significant hurdles for Warsh as he navigates his new role. Despite President Trump's initial support, the prospect of interest rate hikes looms as inflation remains above target levels.
- ▪Warsh was sworn in as Fed chairman on May 22 and faces rising inflation and potential interest rate hikes.
- ▪Inflation in the personal consumption expenditures price index rose to 3.8% in April, exceeding the Fed's 2% target.
- ▪GDP growth for the first quarter was revised down to 1.6%, indicating economic challenges ahead.
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Federal Reserve Chairman Kevin Warsh’s first full week leading the central bank featured unfavorable economic reports that suggest his job is going to be difficult. Warsh, 56, was sworn in as Fed chairman on May 22 during a ceremony at the White House and is facing the tricky task of contending with rising inflation and the prospect that the central bank’s interest rate target might have to remain higher for longer or even be hiked. Recommended Stories What to know about Trump Accounts as Treasury rolls out new app First-quarter GDP growth revised down to 1.6% rate Trump publicly praised companies within days of buying their stocks MARKET EXPECTATIONS FOR A RATE HIKE HAUNT WARSH AND GOP The first inflation numbers under Warsh were released Thursday and showed that inflation in the…
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