Will Kevin Warsh Trumpify the Federal Reserve?
Donald Trump has assailed the Federal Reserve with lawsuits and social media attacks, but his efforts have not had the desired effect. Kevin Warsh, Trump's pick to succeed Jerome Powell, may not reshape the Fed into a Trumpier mould despite appearing more pliable.
Donald Trump's presidency has seen intense criticism of the Federal Reserve, with the president believing interest rates are too high. Trump has launched lawsuits, social media attacks, and a bogus criminal probe into Fed chair Jerome Powell. Despite this, the Fed's defenders have stiffened their resolve, and markets now shrug off Trump's Fed-bashing. Kevin Warsh, Trump's pick to succeed Powell, has been confirmed after abandoning his inflation hawkishness and aligning with the White House. Warsh has called for a 'regime change' at the Fed, but his plans are likely to be modest. He has ruled out purging regional branch presidents and his policy ideas are often marginal or beyond his power to deliver.
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