Kevin Warsh Sworn In As New Federal Reserve Chair, Capping Months-Long Saga

WASHINGTON, May 23 (Bernama-Anadolu) -- Kevin Warsh was sworn in as the new chair of the Federal Reserve Friday, ushering in what the American leader is hoping to be a new era in economic policy, Anadolu Ajansi (AA) reported.

The swearing-in caps a months-long saga centred on United States (US) President Donald Trump's desire for the central bank to lower interest rates, a policy stalwartly rejected by outgoing Chair Jerome Powell over inflationary concerns.

During Friday's ceremony, Trump insisted that he wants Warsh to maintain the Fed's independence.

“I want Kevin to be totally independent. I want him to be independent and just do a great job. Don't look at me, don't look at anybody, just do your own thing and do a great job,” Trump said at the event in the White House's East Room.

Still, the US president wasted no time in repeating his criticisms of Powell.

“Unfortunately, in the eyes of many, the Fed lost its way in recent years. It became distracted by concerns far removed from its core mission and mandate,” he said.

-- BERNAMA-ANADOLU