Warsh takes over Fed with a policy problem already in view
By Howard Schneider
WASHINGTON, May 22 (Reuters) - Kevin Warsh, whose broad criticism of current U.S. Federal Reserve officials, playbook for rate cuts and ties to President Donald Trump elevated him past other contenders to lead the central bank, will be sworn in as Fed leader Friday at a pivotal moment for monetary policy and the American economy.
An unfolding boom in artificial intelligence technology is reshaping the economy in ways Fed officials say could be profound for workers, companies and consumers, but will be hard for Warsh and his colleagues to ****** s in real time.
At the same moment inflation is already high and potentially heading higher as the economy copes with shocks including oil driven over $100 a barrel by the U.S.-Israeli war with Iran, high import tariffs and utility and some other costs rising due to the AI rollout.
Warsh, 56, won Trump's backing for the job over the course of what became a year-long public audition among the top candidates - including one who will be seated alongside him on the Fed's Board of Governors. Trump plans to swear Warsh in at 11 a.m. ET (1500 GMT) at the White House.
https://finance.yahoo.com/...
By Howard Schneider
WASHINGTON, May 22 (Reuters) - Kevin Warsh, whose broad criticism of current U.S. Federal Reserve officials, playbook for rate cuts and ties to President Donald Trump elevated him past other contenders to lead the central bank, will be sworn in as Fed leader Friday at a pivotal moment for monetary policy and the American economy.
An unfolding boom in artificial intelligence technology is reshaping the economy in ways Fed officials say could be profound for workers, companies and consumers, but will be hard for Warsh and his colleagues to ****** s in real time.
At the same moment inflation is already high and potentially heading higher as the economy copes with shocks including oil driven over $100 a barrel by the U.S.-Israeli war with Iran, high import tariffs and utility and some other costs rising due to the AI rollout.
Warsh, 56, won Trump's backing for the job over the course of what became a year-long public audition among the top candidates - including one who will be seated alongside him on the Fed's Board of Governors. Trump plans to swear Warsh in at 11 a.m. ET (1500 GMT) at the White House.
https://finance.yahoo.com/...
13 days ago
