Kevin Warsh sworn in as Fed chairman as Trump faces economic backlash | Donald Trump

Kevin Warsh has been sworn in as chairman of the U.S. Federal Reserve, tasked with leading the world’s largest economy as the Trump administration faces growing pressure on Americans’ financial well-being.

Warsh, chosen by Donald Trump, takes the helm of the powerful central bank as it comes under extraordinary pressure from the US president to cut interest rates even as prices rise.

As Trump faces growing criticism over his handling of the economy, Warsh will now chart his course amid an uncertain outlook, clouded by the US-Israeli war against Iran.

The former Fed governor and Wall Street banker succeeds Jerome Powell, who had repeatedly warned of the inflationary risks of Trump’s program and whom the president had violently attacked for his refusal to cut rates. (Powell was also hand-picked by Trump.)

“I expect he will be considered one of the greatest Federal Reserve chairs we’ve ever had,” Trump said of Warsh during a White House ceremony Friday morning, saying “no one in America is better prepared” for the role.

Warsh took the oath of office, administered by U.S. Supreme Court Justice Clarence Thomas, whom he later called a “valued friend” as his wife Jane Lauder held a Bible.

The new Fed chairman pledged to lead a “reform-oriented Federal Reserve,” adding: “Inflation can be lower, growth higher, real wages higher, and America can be more prosperous, not less important.” »

With millions of Americans ready to hit the road over Memorial Day weekend and U.S. fuel prices at their highest levels in years, 68% of Americans believe Trump is prioritizing his controversial crackdown on immigration over their economic well-being, according to a new poll.

Fuel prices in the United States since January 2025

Amid growing discontent over the economic costs of its decision to go to war with Iran, 68% of respondents said the Trump administration was focusing too much on mass deportations and not enough on affordability issues.

The poll, conducted by Morris Predictive Insights, illustrates the strength of the political backlash Trump is facing following criticism of his admission that financial pressures on Americans from the war in Iran have “not even a little bit” pushed him to reach a peace deal with Iran’s Islamic regime.

The average price of gasoline in the United States stood at $4.55 per gallon on Friday, according to AAA, up $1.35 per gallon from its level a year ago.

Inflation reached its highest level in three years in April, at 3.8%.

Trump is waging an unprecedented battle to exert greater control over the Fed, sparking fears about the future of its long-held independence.

“I want Kevin to be completely independent. I want him to be independent and just do a great job,” Trump said Friday, telling Warsh: “Don’t look at me. Don’t look at anyone. Just do what you want and do a great job.”

This apparent encouragement to ignore his opinions was somewhat undermined by what Trump said next. “Unfortunately, in the eyes of many, the Fed has lost its way in recent years,” he said.

At a hearing before the Senate Banking Committee in April, Warsh said he would maintain the independence of the Fed. But his refusal to answer whether Trump lost the 2020 election alarmed Democrats.

“Kevin Warsh begins his term with his credibility in tatters,” Elizabeth Warren, the top Democrat on the Banking Committee, said Friday. “Having proven himself to be Donald Trump’s puppet, I fear Mr. Warsh is prioritizing the President’s political interests over the economic well-being of American families.”

In the East Room of the White House, Warsh received a standing ovation from attendees, including U.S. Supreme Court Justice Brett Kavanaugh, former Vice President Dan Quayle, former Secretary of State Condoleezza Rice, Treasury Secretary Scott Bessent and National Economic Council Director Kevin Hassett. (Hassett was also widely rumored to be in the running to succeed Powell as Fed chair.)

Warsh said: “While I am not naive about the challenges we face, I believe, Mr. President, that these years can bring unparalleled prosperity that will raise the standard of living for Americans of all backgrounds, and the Fed has something to do with it. »

But beyond the White House, a growing number of Americans appear to be embittered by Trump’s economic record. The Morris inquiry was no exception. Another Gallup poll showed confidence in the economy was at a four-year low.

Nearly half of those surveyed, or 49%, rate the current state of the economy as mediocre, compared to 34% who rate it as fairly fair. Only 16% of Americans rate the current economic situation as excellent or good. Only one in five people said conditions were improving.

But it is the Morris investigation that most clearly illustrates Trump’s political problem, showing that discontent spans the ideological spectrum and policy areas that were key to his 2024 election victory.

Even among Trump voters, 36% think his administration has the wrong priorities, according to the poll. That figure was 70% among voters who said they had abandoned their previous support for Trump. And among voters loyal to Trump, more than a quarter, or 27%, think the president is on the wrong track.

On his signature issues – the economy and immigration – disapproval ratings now stand at -35% and -13%, respectively.

Polls also showed that a majority of voters, 53 percent, favored shifting spending from fighting immigration to reducing the costs of food and groceries, or toward reducing health care costs and supporting programs such as Medicaid.

A similar figure estimates that mass expulsions of immigrant workers hurt the economy by increasing costs for American families. Some 56% say it tears families apart and increases costs for everyone, compared to 34% who say it makes the country safer.

There are also solid majorities who criticize immigration measures as “going too far” when they result in higher grocery bills after farm and food workers are deported, immigrant children disappear from classrooms, seniors and families are left without caregivers, and restaurants are forced to close because workers have been kicked out of the country.

In a warning sign for Republicans in the congressional midterm elections, the poll shows that 16% of Trump voters in 2024 no longer plan to vote for the party in November. The main reason is the slowing economy and rising costs of living, cited by 51% of the cohort. 36% said they were put off by the president’s personal conduct and rhetoric, while 24% blamed immigration enforcement and deportations.

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