
Federal Reserve Independence: The battle over interest rates with the Fed
Kevin Warsh has been sworn in as the new Chairman of the Federal Reserve. He steps into the role at a critical junction defined by surging inflation, an oil shock stemming from the war on Iran, and intense political scrutiny of interest rate decisions. President Trump spent months criticizing Warsh’s predecessor, Jerome Powell, for being reluctant to cut interest rates. The President’s repeated vows to fire Powell raised questions about the central bank’s independence.
Published On 27 May 2026