Kevin Warsh has been sworn in as the new chair of the US Federal Reserve, a move that comes at a time when the Trump administration is facing mounting pressure over its handling of the economy. The Trump administration can't seem to shake off the criticism, and Warsh's appointment won't make it easier. Warsh, who was handpicked by Donald Trump, takes over the role from Jerome Powell, who repeatedly warned about the inflationary risks of Trump's agenda. He was vehemently attacked by the president for his refusal to cut interest rates.
Warsh, a former Fed governor and Wall Street banker, was sworn in during a ceremony at the White House on Friday morning. He didn't waste any time, and the ceremony was a significant event. The ceremony was administered by US Supreme Court Justice Clarence Thomas, whom Warsh later referred to as an "esteemed friend". Warsh's wife, Jane Lauder, held a Bible during the ceremony. The new Fed chair pledged to lead a "reform-oriented Federal Reserve".
It's clear that Warsh has a tough job ahead of him, and he won't be able to please everyone. He's got a lot of work to do, and it's unlikely that he'll be able to make all the changes he wants without facing some resistance.