BlockBeats News, May 25th, Kevin Warsh, personally appointed by U.S. President Trump, was officially sworn in as the Chair of the Federal Reserve. It is believed that Trump will, for the first time, take full political responsibility for the performance of the U.S. economy and inflation.
The report pointed out that Trump had long blamed the former Chair, Powell, for high interest rates, a sluggish housing market, and economic slowdown. However, with Warsh taking office, the Fed’s policy is now seen as a direct extension of the "Trump economy."
The current U.S. economy is facing multiple pressures, including the 30-year mortgage rate rising above 6.5%, PCE inflation reaching 3.5%, and the national average gasoline price surpassing $4.55 per gallon. The market is concerned that, amidst high inflation, the Fed may be forced to continue raising interest rates, further impacting the prospects of the Republican midterm elections.
In addition, Warsh advocates for weakening forward guidance, increasing policy uncertainty, and the Fed’s April meeting saw a near 30-year high in dissenting votes, indicating significant internal division.
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