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 at the White House in approximately 40 years. Warsh, who served as a Fed governor from 2006 to 2011 and dissented against QE programs, is regarded as a hawkish voice; markets are watching for signals of a shift in the Fed independence framework and rate trajectory.
Fed funds futures markets have shifted to price in a rate hike — not a cut — as the next move by the Federal Reserve, with December the earliest expected date. The Survey of Professional Forecasters from the Philadelphia Fed now projects Q2 CPI at 6%, more than double its 2.7% forecast from three months ago. The 30-year Treasury yield has crossed 5.1%, and newly installed Fed Chair Kevin Warsh faces immediate internal pressure on the direction of policy.
Prediction-market odds of Kevin Warsh becoming Fed chair by May 15 jumped from about 30% to 86% after the Justice Department ended its criminal investigation into Jerome Powell. The inquiry over the Fed headquarters renovation now shifts to the central bank's inspector general, removing a key barrier to Senate confirmation.