Kevin Warsh sworn in as Fed chair at White House — first time in ~40 years

Kevin Warsh was sworn in as Federal Reserve chair on May 22, 2026, in a White House ceremony hosted by President Trump — the first time a Fed chair has taken the oath of office at the White House in approximately 40 years.

Breaking a Four-Decade Protocol

Federal Reserve chairs have historically been sworn in at the Fed's Eccles Building headquarters in Washington, D.C., or in other settings that maintain visible symbolic distance from the executive branch. The White House ceremony marks a notable departure from that precedent and has already prompted questions in financial markets about the operational independence the new Fed leadership will maintain.

Warsh's Track Record: Hawkish, Anti-QE

Warsh served as a Federal Reserve governor from 2006 to 2011, putting him inside the institution during the 2008 financial crisis and its aftermath. He became one of the few FOMC members on record as opposing QE2 — the Federal Reserve's second round of quantitative easing launched in November 2010 under then-chair Ben Bernanke. His public commentary since leaving the Fed has consistently favored price stability over accommodation, and he has been critical of the Fed expanding into non-monetary policy domains.

What Markets Are Watching

Two questions dominate market attention: (1) whether the Warsh-led Fed will maintain the structural independence that anchors Treasury market credibility, and (2) whether his hawkish background signals a slower pace of rate cuts than prior consensus implied. Long-duration Treasuries and the U.S. dollar are expected to be the most sensitive instruments to early signals. Conversely, some analysts note that a White House-aligned Fed could face political pressure toward easier policy, depending on the economic backdrop — leaving the net policy direction genuinely uncertain.

First Test: June FOMC

Warsh's first formal policy test arrives at the upcoming June FOMC meeting. The statement, press conference, and updated dot-plot will provide the initial read-through on rate cut sequencing and whether the leadership transition produces a discernible shift in the Fed's reaction function.