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Trump will swear in Warsh on Friday to lead U.S. Federal Reserve

BY Reuters | ECONOMIC | 06:28 PM EDT

(Adds detail on Warsh in paragraphs 2-4)

By Jacob Bogage

WASHINGTON, May 21 (Reuters) - U.S. President Donald Trump will swear in Kevin Warsh as the chair of the Federal Reserve on Friday at the White House, the Trump administration said on Thursday. Warsh was confirmed to the role in a nearly party-line vote on May 13. He succeeds Jerome H. Powell as the chair of the central bank, though Powell will remain on the board until 2028.

Warsh, 56, will serve a four-year term as chair and a 14 year term as a Fed governor. Trump selected him as a bulwark against further rate hikes. Warsh has long expressed a desire to lower rates while slashing the Fed's balance sheet. He will take office as fellow governors contemplate a rate hike to tame inflation brought on by Trump's war in Iran. A majority of Fed policymakers at their April ?28-29 meeting felt "some policy firming would likely become appropriate" if inflation stays persistently above the central bank's 2% target, according to minutes of the meeting released Wednesday.

(Reporting by Jacob Bogage and Dan Burns.)

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