Kevin Warsh wins Senate confirmation as the next Federal Reserve chair

Kevin Warsh was confirmed Wednesday as the next Federal Reserve chair, taking over the central bank at a time when President Donald Trump is pushing for lower interest rates even as fresh inflation data complicates the case for cuts. In the most divisive vote ever for a Fed chair, Warsh, 56, won confirmation to take over for Jerome Powell, who has served in the top leadership position since 2018 and whose term will expire Friday. The Senate voted 54-45 to confirm Warsh, ending a monthslong saga that began in the summer of 2025 and included an extensive search for Powell's successor. The vote was almost completely along party lines, with only Pennsylvania Democrat Sen. John Fetterman crossing over to vote for Warsh, who becomes the 11th Fed chair of the modern banking era. Powell will stay on at the Fed as he has two years left in his term as governor. He said last month that he will remain at least until an investigation renovation at the Fed's headquarters is complete. No other Fed chair has returned to the board in nearly 80 years. Trump has made no secret that he expects Warsh to lower rates after having lashed out repeatedly at Powell for monetary policy the president has felt was too restrictive. Warsh was part of a derby that included nearly a dozen candidates at one point, including current Governors Christopher Waller and Michelle Bowman. …